The prices of food items are in a constant state of fluctuation, especially for certain products like eggs and chicken, due to inflation, conflicts, natural disasters around the world, and various ongoing supply chain issues. According to the Consumer Price Index for January 2023, which measures the change in prices paid by consumers for goods and services, inflation rose by 0.5% in January and by 6.4% over the past year. Food, in particular, especially groceries, has been among the hardest hit, with food prices rising by more than 11% since January 2022.
High-priced Grocery Items
According to Consumer Price Index data, all grocery prices increased from December 2022 to January 2023, with the exception of two categories – dairy product prices remained stable, while fruit and vegetable prices decreased by 0.5%. Below are some items that saw significant increases over the last month and over the past year:
Grains
This food item saw a price increase of 1.3% over the last month, along with a massive increase of 15.6% from January 2022 to January 2023. Instead of purchasing grains, you might opt for fruits and vegetables that you can use to prepare a variety of healthy smoothies for breakfast.
Rice
This staple food saw a significant price increase according to the Consumer Price Index. From December 2022 to January 2023, the cost of rice rose by 1.4%, and the cost increased by 14% over the year. The rise in rice prices is attributed to the increase in wheat prices due to the conflict in Ukraine, along with bans or disruptions in the export of other foods.
Cakes
If you love desserts, you may want to skip the cake box and choose another store-bought sweet instead. Cake prices increased by 2.5% over the past month, and rose by 17.7% over the past year. Given the rising cost of some ingredients that are typically used to make cakes (like eggs and flour), the increase in price for the final product is not entirely surprising.
Eggs
You may have already heard about the soaring egg prices, which are partly due to the recent bird flu outbreak and the resulting egg shortage, but do you know exactly how much egg prices have increased? The cost rose by 8.5% over the past month, and store egg prices increased by over 70% over the past year. With such a price increase being hard to ignore, it might be time to consider stocking up on these egg alternatives.
Smoked Meat
The price of smoked meat rose by 3.5% month over month, and doubled that over the year. While canned smoked meat didn’t see a big jump from December to January, you might want to start cooking with roasted pork instead, as it has seen a price drop since December 2022.
Low-priced Grocery Items
Although prices for many of your favorite foods may still be higher than they were before, there are several products that have seen a significant decrease in price from January 2022 to January 2023, including some unexpected items. Among these products:
Roasted Pork, Pork Chops, and Pork Ribs
In addition to roasted pork, pork chops and pork ribs saw a price decrease. The price of all three types of meat dropped by 2.3% over the month and declined by 1.9% from January 2022 to January 2023.
Bacon
Bacon (and related products) saw a price decrease of 0.6% over the month, and the price dropped by 3.9% over the year. In other words, the next time you stop by the store, take some bacon with you!
Slices
Raw Beef
While the price of raw beef steaks increased by 1.3% from December 2022 to January 2023, the price of this product in the store’s meat section actually decreased by 3% over the year. So if you love steak, get ready to grill it!
For consumers, it’s important to be aware of price changes in stores and plan their purchases accordingly. It may be better to substitute some products that have increased in price with other more economical alternatives. Conversely, consumers can take advantage of the lower prices of certain products and buy them in larger quantities.
Source: https://www.realsimple.com/grocery-items-rising-prices-right-now-7112261
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