The meteoric rise in food prices slowed slightly in December, per a new Axios analysis. But prices were still up more than 10% year-over-year, as groceries and restaurants gobbled up a larger-than-usual amount of Americans' spending.
The meteoric rise in food prices slowed slightly in December, per a new Axios analysis — but prices were still up more than 10% year-over-year, as groceries and restaurants gobbled up a larger-than-usual amount of Americans' spending.Grocery bills are one of the most powerful ways in which many Americans experience inflation.
As the cost of eggs, milk, and other staples rise, families living on the financial edge are left making difficult choices about what to buy — and what to skip. For restaurants and other businesses, higher food prices can leave owners with the difficult choice of swallowing the costs or passing them on to customers.Nationwide, the cost of all foods was up 10.4% year-over-year in December, per the U.S. Bureau of Labor Statistics.Those are all down just slightly from recent highs set towards the end of 2022.Dallas, the Twin Cities, and Baltimore are suffering some of the country's highest food price inflation rates, at 14.1%, 13.7%, and 13.
COVID-related supply chain disruptions, climate change, and higher energy costs are just some of the factors contributing to higher food prices.the global supply — and thus price — of that key foodstuff.from lawmakers and advocacy groups to investigate whether egg producers are manipulating prices.
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