Chew on this: U.S. food prices are still up 19% since 2022
CBS News • • business
Key Points:
- Food prices in the U.S. rose 3.1% annually in December, outpacing overall inflation at 2.7%, with a monthly increase of 0.7%, the largest since September 2022, driven by categories like beef and coffee hitting record highs.
- Consumers frequently encounter rising grocery prices, with staples such as ground coffee, sirloin steak, romaine lettuce, orange juice concentrate, and bananas all seeing significant price increases over the past year.
- Factors contributing to higher food costs include constrained beef supplies, tariffs, adverse weather affecting coffee production, and delayed effects of tariff cuts implemented by President Trump in November.
- While egg prices have dropped nearly 21% annually after peaking due to av
