Food prices high, but stable

May 20

Rice hits record, other staples hover near all-time highs

By Forrest J.H.

Groceries are still about as expensive as they have ever been.

While rice set a record price in April, all other staple foods tracked by Oven Light Journal stagnated or fell just a few cents, according to Bureau of Labor Statistics numbers. However, they all remain near their highest-ever prices.

Oven Light Journal only tracks the prices of food products covered by SNAP, or food stamps.

A small two-cent cost increase brought rice to its most expensive ever, at $1.03 per pound.

Tomatoes saw the biggest price change, falling eight cents to $1.96 per pound, following a commonly recorded trend in early spring.

Shoppers may not like the high prices, but economists seem to think they are an accurate reflection of the average consumer’s buying power. Wells Fargo economist Michael Swanson thinks wage growth is about in line with the increasing cost of groceries. In a Yahoo Finance article, he said the cost of food has increased about one or two percent in the past year, as have wages.

If the conditions influencing food prices remain stable, high grocery prices will likely also stabilize and follow the rate of inflation.

In other words, if you think food is expensive, get used to it.

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This article’s ingredients

Bureau of Labor Statistics data finder

Consumer Price Index – Average Price Data

https://beta.bls.gov/dataQuery/find?st=0&r=20&s=popularity%3AD&fq=survey:[ap]&more=0

Bureau of Labor Statistics

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https://www.bls.gov/charts/consumer-price-index/consumer-price-index-average-price-data.htm

Grocery prices jumped 1.2% last month as food inflation returns to pre-pandemic levels

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