The cost of eggs and bread is soaring – a trend that’s particularly punishing for the poorest Americans.
Average food prices climbed an annualized rate of 10.4% in June, the Bureau of Labor Statistics reported on July 13, 2022. The gains were driven primarily by the cost of groceries, which jumped the most since the 1970s, by 12.2%. Overall inflation was up 9.1% from a year earlier.
These sharp increases have startled consumers, in large part because food costs had been rising moderately for decades.
