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Why food prices are going up over 300%
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Food prices rose 6.7% between May 2022 and May 2023, according to the most recent consumer price index (CPI) report from the Bureau of Labor Statistics. By comparison, at the same time in 2022 prices rose 10.1% over a one-year period. The CPI uses indexes to measure changes in the average costs of items in a given period. There are specific indexes for these items, including food costs.
The BLS also found that:
The index for food at home (groceries) is 5.8% higher year-over-year, although from April to May, grocery costs actually only increased slightly by 0.1%.
Restaurant patrons are still paying more (8.3%) for food than they did a year ago. The price index rose 0.5% from April to May.
Specifically, limited service meals (takeout only) rose 8% year-over-year, while full-service (sit-down restaurant) meals rose 6.8% year-over-year.
Overall, the annual inflation rate has been declining.
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