Buying food is almost 20 percent more for certain staple items this year compared to last year in New York. According to data from the United States Department of Agriculture, food prices have increased significantly. The rising prices are the highest increases in over 40 years.
The food index increased 11.4 percent over the last year, the largest 12-month increase since the period ending May 1979. The food at home index rose 13.5 percent over the last 12 months, the largest 12-month increase since the period ending March 1979.
Many families in New York may have to rethink their holiday dinners this year. Thanksgiving has traditionally been a time when close and extended families come together to share a meal, along with friends and neighbors. With food prices soaring, especially items like meat and dairy, New Yorkers may be forced to cancel this year.
Just to put it in perspective, here's a snapshot of how much groceries cost in 1913, according to the Bureau of Labor Statistics:
Potatoes were 2.5 cents per pound
Flour was 3.3 cents per pound
Rice was 8.7 cents per pound
White bread was 5.6 cents per pound
Round steak was 22.3 cents per pound
Butter was 38.3 cents per pound
Here's How Much The Prices Of Grocery Items Have Increased From 2021 To 2022:
(Food at home price increase percentage from Aug. 2021-Aug. 2022)
Cereals and bakery products - 16.4 percent
Meats, poultry, fish, and eggs - 10.6 percent
Dairy and related products - 16.2
Fruits and vegetables - 9.4
Nonalcoholic beverages and beverage materials - 13.4
CNBC offers some tips on saving money on groceries,
- Sign up for the loyalty program
- Clip coupons
- Join a wholesale club
- Buy items on sale
You can check out the other 7 tips here.