It got more difficult for American families to put food on the kitchen table in January–and not just because food prices are surging higher. The kitchen table itself got more expensive.
Food prices rose seven percent compared with a year ago, data from the Department of Labor showed on Thursday. Grocery store prices were up by even more, 7.4 percent. The Consumer Price Index rose by 7.5 percent.
Inflation is now not only running high but it has broadened to an economy-wide phenomenon. Home furniture prices are up 9.3 percent compared with last January and rose 1.6 percent last month. Prices for the category of “living room, kitchen, and dining room” furniture are up an eye-popping 19.9 percent compared with a year ago. They rose 2.2 percent compared with December.
Importantly, these prices are seasonally adjusted so they cannot be explained by typical the end of holiday shopping season sales.
Here are some of the most striking moves in food prices.
- Ground beef: up 13 percent.
- Steaks: up 17.1 percent.
- Bacon: up 18.1 percent.
- Pork Chops: up 14.5 percent.
- Chicken: up 10.3 percent.
- Fresh Fish: up 12.7 percent
- Fresh whole milk: up 8.7 percent.
- Coffee: up 8.6 percent.
- Fresh fruit: up 8.2 percent.
- Lettuce: up 6.2 percent.
- Salad Dressing: up 7.8 percent.
- Soups: up 6 percent.
- Baby food: up 7.8 percent.
- Breakfast cereal: up 5.2 percent.
- Bread: 5.9 percent.
- Biscuits and muffins: up 6.1 percent.
- Lunchmeats: up 8.2 percent.
Eating out is not really a better option. Fast food prices are up 8 percent and full-service restaurant prices are up 7.1 percent. Even vending machine prices are up 5.9 percent.