In the US, food prices have already reached their all-time high. The most significant rise was recorded in the price of cereals and baby formula. According to the statistical data, it is the most considerable jump in the last 43 years.
The US Labor Department reported a new record in inflation. This time, consumer prices advanced in such categories as fuel, energy, and food. The data unveiled that food prices around the country soared by 10.9% on a yearly basis. It is the fastest increase last seen in 1979. Soups (19.1%), cereals (16.8%), baby formula (15%) as well as frozen fruits and vegetables (10.6%) are among those products that gained in value more than others.
However, the most unprecedented rise was recorded in the price of eggs. Eggs became pricier by 38%, thus hitting the level recorded in October 2007. At the same time, the cost of dairy products surged by 14.9%, updating the high of June 2004. Experts had hoped that lower energy prices would have spurred a decline in the inflation rate. However, the climbing prices of food and rent led to the opposite result. Higher prices primarily hit the US citizens with low incomes. They spend most of their family budget on food.
