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Surging grocery prices have settled down, but shoppers are still adjusting

by August 15, 2024
August 15, 2024
Surging grocery prices have settled down, but shoppers are still adjusting

Grocery price growth, once the scourge of the post-pandemic inflation surge, has finally settled down.

On Wednesday, the Bureau of Labor Statistics reported that food-at-home prices increased 1.1% year-on-year — the ninth-straight month of sub-2% increases.

For the average consumer, the new price levels can take years to adjust to, economists say. Between January 2021 and December 2022, grocery prices shot up more than 20%.

As of July, consumers pay about $0.80 more for a gallon of milk (about $4 total), though dairy prices were already increasing before the pandemic hit. Likewise, a loaf of wheat bread is now $0.80 more to about $2.69 and a pound of ground beef is up $1.62 to $5.50.

One outlier is eggs. The cost of a dozen — though volatile thanks to avian flu — has doubled to more than $3.

Still, between January 2023 and July 2024, average grocery prices have only increased a cumulative 1.4%.

This post appeared first on NBC NEWS
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