Grocery prices climbed 13.5% in August from the year before - the highest annual increase since 1979 according to statistics.
climbed 13.5% in August from the year before - the highest annual increase since 1979 according to statistics.Prices for certain grocery store items have shot up significantly since last year according to reports from the Bureau of Labor and Statistics. Candy is up 13.1%, cereals more than 16%, flour over 24%, and eggs, butter, and margarine each more than 30%.
A bird flu epidemic has also resulted in a 73% increase in the price of turkey at the supermarket, according to the U.S. Department of Agriculture.Food insecurity seems to be growing in New York City, but local nonprofits are using 'community fridges' to find new ways to feed neighbors, including on the Upper East Side.
Economist Dr. Martin Cantor says there is no immediate sign of improvement. He blames high prices on the trickle-down effect: the high cost of fertilizer for farmed food and the cost of transportation to get those foods to the dinner table. "Thanksgiving and holiday dinners will cost at least 10-15% more than last year just due to inflation," he said. "The reality is you’re going to be able to get the product but because the demand is high and supply isn’t meeting it, the costs will be higher for what you buy.
Tips for saving according to the experts - plan your meals, buy produce that’s in season and shop the sales.
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