US grocery prices have increased by 0.4% in November, according to the Consumer Price Index, making it tougher for consumers during the holiday season. Eggs saw a significant jump of 8.2% over the month and 37.5% over the past year.
The rise in food prices is partly driven by the increase in egg and beef prices. The price of holiday roast has been affected by drought and high feed prices, leading to a reduction in beef supply and subsequent higher prices. On the other hand, flour and prepared mixtures fell 1%, while sugar and sweets rose 0.2%.
Economists warn that companies are profiting from uncertain times, particularly with large corporations dominating the food industry, which contributes to higher prices for lower-income shoppers. The upcoming administration’s policy changes, including tariffs on Mexico, Canada, and China, are also expected to impact food prices.
To cope with rising grocery costs, consumers are becoming more thrifty, opting for meatless meals and stockpiling holiday food throughout the year. As inflation continues to rise, many worry about how they will afford groceries in the future, particularly after retirement.
Source: https://iowacapitaldispatch.com/2024/12/15/us-grocery-prices-and-eggs-in-particular-climb-heading-into-holiday-season