So far food prices have increased every month of 2022. According to data from the Bureau of Labor Statistics (BLS), the price of food at home has increased by 13.5% year-over-year in August, the highest yearly increase since 1979.
The food at home prices over the previous two years was 3.5% and 3.5% according to the U.S. Department of Agriculture (USDA).
This tweet shows how much specific items have increased over the past year:
Some of the most dramatic price increases are in basics that families buy every week:
- Eggs (up a whopping 40% from last year)
- Butter and margarine (29%)
- Deli meats (18%)
- Milk (17%)
- Bread (17%)
- Cereal (17%)
- Canned vegetables (17%)
- Potatoes (15%)
— Abha Bhattarai (@abhabhattarai) September 13, 2022
Despite the soaring prices, the Biden White House took to Twitter today to brag about the Inflation Reduction Act. They claim with it, "American people won."
With the Inflation Reduction Act, the American people won and the special interests lost.
Today, we celebrate its passage at the White House. pic.twitter.com/FQDRLkKK1m
— President Biden (@POTUS) September 13, 2022
What exactly did we win, Joe?
Also, food isn't the only thing that's going up in price in record fashion. Electric, rent and health insurance prices are also higher than they've been in decades and in some instances, ever.
-Food at home up 13.5% in past year - largest since 1979
-Rent is up 6.7% in past year - largest since 1986
-Electricity up 15.8% - largest since 1981
-Health insurance 24.3% - largest ever inc
— StockTips (@StockTipsTips) September 13, 2022
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