Together, food prices rose 0.1% for the month, according to the latest Consumer Price Index, released Wednesday by the Bureau of Labor Statistics. That’s less of a hike than the increase for items overall, which rose 0.2% from May to June. Over the course of the year, however, food prices have risen more than overall inflation. In the 12 months through June, food prices went up by 5.7%, while inflation grew by 3%. In that time, grocery store prices grew 4.7%, while menu prices went up by 7.7%.
There are a number of factors that have contributed to rising food prices, including extreme weather, the war in Ukraine, avian flu and higher costs along the supply chain. Some food sellers have used the disruptions to raise prices while avoiding much pushback. And with food sales up — even though consumers are buying fewer items — those prices are likely to remain elevated. Bernstein noted that real wages, which measure wages adjusted for inflation, have also gone up in this period.
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