Food prices in May 2022 were a whopping 10.1% higher than prices in May 2021. The size of these food price increases have not been seen in over 40 years and are occurring across food categories , from fresh fruits (8.5%) to fish and seafood (12.2%).
Over the past nine months, each month’s year-over-year food price increase has been above 4%, with each successive month higher than the previous — starting at 4.6% in September and reaching 10.1% in May.
For many of us, going to the grocery store is where we really feel this crushing inflation. We see the big price tag for our groceries at the checkout line then do calculations in our heads to determine what other things we might have to sacrifice financially because we just got hit with a high food bill.
For lower-income Americans, this situation is particularly troubling. Skyrocketing food prices are regressive and particularly damaging to them, as they spend a greater share of their after-tax income on food compared with higher-income Americans.
