Bidenflation's Latest Victim Is Breakfast as Food Prices Skyrocket to Highs Not Seen Since 1979
As the inflation crisis continues, the price of breakfast foods are now on the rise.
In July, the price of eggs reached a 46.8 percent price increase since last year, according to the analytics from Information Resources Inc.
Eggs are normally considered a good grocery option if you still want to eat nutritiously but save money, Business Insider reported.
Other basic groceries have also gone up in price due to inflation.
From July 2021 to July 2022, frozen dinners and entrées increased nearly 23 percent. Butter and margarine prices have gone up about 26 percent. The price of fresh citrus fruits has also gone up nearly 27 percent, according to IRI.
Overall, the price of groceries has been on the rise. Prices for food at-home rose 1.2 percent just from the end of June to the end of July.
From July 2021 to July 2022, the price of at-home food rose 14.4 percent, IRI reported.
This is the largest price increase since 1979, the U.S. Labor Department noted, Yahoo News reported.
These rise in prices have altered the habits of buyers considerably.
“Consumers are responding to rising prices by shopping promotions, prioritizing value options and trading down to avoid going without,” said Krishnakumar Davey, president of Thought Leadership for CPG and Retail, according to IRI. “We are advising our manufacturer clients to deploy all levers of strategic revenue management, prioritize strong in-market execution and invest in retailer partnerships to ensure that the right products are available in the right places at the right times.
“Additionally, retailers must have the tools to quickly adjust to changes in consumer preferences to ensure they are offering the right assortment at price points that appeal to price-sensitive shoppers, as well as their most valuable customers.”
The crisis of inflation and rising prices across the entire economy have continued unabated under the Biden administration and though the Consumer Price Index was slightly lower in July — at 8.5 percent — the inflation rates have still remained near or at historic highs.
In June, consumer prices rose 9.1 percent compared to June 2021. That was the largest yearly increase since 1981, PBS News reported.
But despite these staggering numbers and price increases, President Joe Biden has continued to say that his plans to cool inflation are working.
Biden said that July’s 8.5 percent inflation rate proved that his plans were working, The Washington Times reported.
“Today we received news that our economy had 0 percent inflation in the month of July,” Biden said.
“When you couple that with last week’s booming jobs report of 520,000 jobs created last month and 3.5 percent unemployment, it underscores the kind of economy we’ve been building,” he added.
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