Food Prices Up 33% as Americans Battle Highest Grocery Price Spike in 50 Years — With No Relief in Sight
Food prices in the US have shot up by 33% over the last seven years, the biggest jump in grocery prices in half a century — with no relief in sight.
While rampant inflation was to blame for the biggest surge during the pandemic, prices have continued to soar since, with ground beef best demonstrating the out-of-control market as it hit $6.82 a pound in June, a 79% increase from 2019, according to the US Bureau of Labor Statistics.
The fact that prices have remained stubbornly high for years means that they are not something Americans can simply weather through, but a new normal for shoppers, said Scott D. Martin, a partner at the Kingsview Wealth Management firm.
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