The U.S. Bureau of Labor Statistics says grocery prices in the country increased by 2.6% in April, making it the largest one-month increase since February 1974.
The Consumer Price Index Summary indicated that prices were “broad-based” across all major grocery groupings. Prices on fruits and vegetables increased by 1.5% as well as prices for dairy. Nonalcoholic beverages increased by 2.9% along with cereals and bakery items. However, prices in the meat grouping seen the largest price jump in April, increasing by 4.3%.
Despite the rise of the food index, the overall average costs for all consumer goods and services declined in April by 0.8%, due to steep pricing drop-offs in gasoline, apparel, vehicle insurance, plane tickets, and hotel/motel lodging.
