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Food Prices Increase by 10.1 Percent Over the Past Year

Food Prices Increase by 10.1 Percent Over the Past Year


UNITED STATES
Thursday, June 16th, 2022

Inflation is a continuous topic of conversation within the industry. All along the supply chain from the makers to the sellers and buyers, the impact of inflation is clearly felt. In recently released government data, inflation accelerated across the United States in the month of May, with the price of food rising 10.1 percent over the last year.

According to CBS News, U.S. inflation jumped to 8.6 percent overall in May, reaching the steepest increase since 1981, with the data for the month suggesting that inflation may not yet be close to peaking.

Inflation accelerated across the United States in the month of May, with the price of food rising 10.1 percent over the last year

Sal Guatieri, Senior Economist with BMO Capital Markets, explained to the source that there may be little respite from this high inflation until energy and food costs simmer down and excess demand pressures abate.

Notable food price increases include meat, poultry, fish, and egg prices rising by 14.2 percent year over year; milk prices rising by 15.9 percent year over year; and coffee prices rising by 15.3 percent year over year.

Suppliers have also seen the impacts of inflation in the transportation sector, as gasoline prices hit new records in May and June. With these prices at a new record high, companies have also encountered challenges with rising transportation costs.

The team at Deli Market News will keep a close eye on the changes in the market and on the shelves.

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