Food prices skyrocketed by 11.4% over the past year, making that the greatest increase in a year since 1979, according to data released Tuesday by the Bureau of Labor Statistics.
- The CPI rose to 8.3%.
- Food prices hit a 43-year-high.
- Average hourly earnings declined.
- Real wages fell for the 17th month in a row
- Consumer prices have been above 5% for 16 straight months.
Joe Biden and his #1 fan @Marcy_Kaptur own this: They have made you poorer.
— JR Majewski (@JRMajewski) September 13, 2022
While the mainstream media tries to pretend the inflation is slowing down, anyone who goes to a grocery store knows they're still on the rise. Over the past year the price of eggs went up 39.8%, while flour got 23.3% more expensive, milk increased 17% and the price of bread rose 16.2%.
Overall, grocery store prices increased by 13.5% and restaurant prices went up 8%.
If you want to look at just the latest month being reported on, which was from July to August, prices are still going up.
Margarine went up the most, 7.3%. Eggs were 2.9% more expensive and sugar was 2.4% higher, while flour and bread moved up 2.2%. Canned fruit prices rose 3.4% while fresh vegetables got 1.2% more expensive.
Hot dog prices went up 4.9% so there went the small savings President Biden bragged about a couple of 4th of Julys ago. Ham went up 1.3% and turkey 2.2%.
Not everything went up, though. Bacon was .5% cheaper, while the price of pork roasts, steaks and ribs dropped by 1.9%. Also, a couple of individual fruits became more affordable with apples getting 2.3% cheaper and citrus fruits falling 1.6%.
Despite the soaring prices, the White House is taking a victory lap on Twitter.
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
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