Most Americans realize that inflation in the U.S. recently spiked to its highest level since the early 1980s. Moreover, what we pay for food is an important part of total inflation. According to the Bureau of Labor Statistics, food prices account for 13.5% of the relative importance of the total index. We see the high cost of food every time we go to the grocery store. Higher food prices have a harmful effect on those with lower incomes and retirees on a fixed income.
What is inflation? How has food inflation compared to overall inflation? How much has the cost of milk, bacon, and other staples of the American diet risen over the years? Where do we go from here? Will we reach the Feds 2.0% inflation target? We’ll look at these and other important questions below.
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