Food prices continue to soar, see biggest increase in decades
(CNN) - Food prices shot up 11.4% over the past year, marking the biggest increase since 1979.
The Bureau of Labor Statistics laid out the new numbers this week, showing everything from eggs and flour to milk and meat cost more now.
Economists say the increase in prices is not just because of inflation, which is slowing down.
Food prices are affected by global events, like the war in Ukraine, which impacts the costs of wheat and other things we buy.
They are also affected by natural disasters, like droughts that have killed crops, and the avian flu which has hit the supply of eggs and turkeys.
Additionally, it takes time for changes, like decreases in ingredient prices, to get to customers.
Furthermore, the demand for food isn’t flexible. You can skimp on a new outfit or a vacation, but you can’t stop buying food.
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