Food prices rocket to 40-year high, demolishing records every month

Food prices have increased every month of 2022, with each month since February breaking 40-year records, according to data from the Bureau of Labor Statistics (BLS).

The price of food at home increased 13.5% year-over-year in August, the highest it’s been since May 1979, according to the BLS Consumer Price Index (CPI) report. Since February, when the year-over-year cost of food at home increased by 8.6% — at the time the highest level since 1981 — grocery prices have increased every month, first breaking a 10% year-on-year increase in March, according to archived CPI reports by the BLS.

The rate of increase blows away the increases over the past two years, with food at home prices increasing 3.5% in 2020 and 2021, according to the U.S. Department of Agriculture (USDA). The increases are also well above the USDA’s Aug. 25 estimate of a year-on-year food at home price increase between 10% and 11% in 2022.- READ MORE