Thursday, October 14, 2021

Food prices rising fast

Food prices are rising fast across the United States.

The U.S. Department of Labor said in its Consumer Price Index report that food prices rose by 4.5 per cent in September.

That’s after they rose by three per cent in August and 2.6 per cent in July.

They are now 8.8 per cent higher than in 2019 and it’s now the fastest rise since March, 2009.

Meat and poultry prices rose most – meat by 12.6 per cent, poultry by 6.1 per cent in September.

The index value has risen in each of the last 10 months, and virtually all packaged food companies have announced list price increases in September, according to an analysis by J.P. Morgan.