Food prices continue to rise according to the consumer price index


The latest consumer price index shows that the “food at home index” has increased by 11.9% over the past 12 months.

MINNEAPOLIS – Inflation has now hit a 40-year high.

That’s according to the latest consumer price index released on Friday morning.

Mark Bergen, professor of marketing and pricing at the University of Minnesota, says the year-over-year inflation rate has now reached 8.6%, the highest rate since 1981.

“It happens across all categories,” Bergen said.

“The big sectors were the ones we saw, energy, food and housing.”

The latest figures show that the home food index has increased by 11.9% over the past 12 months.

In May alone, dairy products increased by 2.9% last month, cereals and bakery products by 1.5%, meat by 1.1% and eggs by 5% in just one month.

Bergen says this inflation is driven by high gas prices, supply chain issues, the fact that many countries are still struggling with COVID, and the ongoing war in Ukraine, which has had a big impact on grain production in this part of Europe.

“It’s the breadbasket of Europe and it’s a global food web that we live in now,” says Bergen.

Global supply has shrunk for many products, but people still need to eat, so demand hasn’t changed.

Bergen says shoppers can still save money by changing their eating habits.

Some categories like fruits and vegetables are seeing smaller increases, around 0.6% last month.

“Instead of ‘what do I want to eat this week’ it’s ‘I’m going to go see what’s gone up in price’ and then I’m going to adapt and plan my meals and shop around that. .”

Even though these price increases are so prevalent, Bergen says shoppers can still save money by shopping around and buying in bulk when you see a bargain.

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