Special Report

The Price of This Household Item Is Soaring

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As the Bureau of Labor Statistics released the Consumer Prices Index for September, all news headlines read about the same. Inflation has not tapered off, as some economists said it would as the U.S. adjusted to the post-pandemic world. There are still enough jobs open, some argued that a loose labor market would not drive up wages. A booming economy would increase production of the items most Americans need for day to day life. Supply of these would be abundant, and Inflation would last a quarter or so, but not more.

There were prominent economists who argued otherwise. Former Treasury Secretary Lawrence Summers, who is a well regarded economist, said the assumption inflation could be tamed was false. Government spending to help build jobs after the 2020 recession and more proposed by the Biden Administration would fund a surge in consumer spending. Troubled supply chains would mean many goods would be in low supply. The formula for sharp inflation is already in place, Summers argued.

The September CPI supported the alarms of people who believe in Summers’ view. What consumers pay for goods and services rose 5.4% on an unadjusted basis compared to September 2020. And, for some Americans, the numbers were worse.

Take the basics that most people pay money for each month. In September, the price of beef steak rose 22% from the same month last year. The prices of several other types of meat rose by 12% to 19%. Apples rose over 7% as did chicken. Other notable increases were juices and non-alcoholic drinks up 3.9%

What are the negative effects of this inflation? In two words, “consumer spending” While wages for most Americans have risen in the last year, they have rarely risen by 8% or 9%. Consumer spending could be undermined as the prices of things people use regularly run higher than what they make. The worry is this will trigger a much slower economy.

Click here to see the household items with prices that are soaring

25. Ham
> Price increase, Sept. 2020-Sept. 2021: +7.0%

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Source: bhofack2 / Getty Images

24. Crackers, bread, and cracker products
> Price increase, Sept. 2020-Sept. 2021: +7.1%

23. Fish and seafood
> Price increase, Sept. 2020-Sept. 2021: +7.1%

Source: pamela_d_mcadams / iStock via Getty Images

22. Fresh whole chicken
> Price increase, Sept. 2020-Sept. 2021: +7.2%

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Source: Saddako / Getty Images

21. Salad dressing
> Price increase, Sept. 2020-Sept. 2021: +7.2%

Source: YelenaYemchuk / iStock via Getty Images

20. Chicken
> Price increase, Sept. 2020-Sept. 2021: +7.6%

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Source: VeselovaElena / iStock via Getty Images

19. Ham, excluding canned
> Price increase, Sept. 2020-Sept. 2021: +7.7%

Source: hayatikayhan / Getty Images

18. Apples
> Price increase, Sept. 2020-Sept. 2021: +7.8%

Source: Fudio / iStock via Getty Images

17. Breakfast sausage and related products
> Price increase, Sept. 2020-Sept. 2021: +7.9%

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Source: Kondor83 / iStock via Getty Images

16. Fresh and frozen chicken parts
> Price increase, Sept. 2020-Sept. 2021: +8.1%

Source: Sanny11 / iStock via Getty Images

15. Meats, poultry, and fish
> Price increase, Sept. 2020-Sept. 2021: +10.4%

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Source: Jamakosy / iStock via Getty Images

14. Meats, poultry, fish, and eggs
> Price increase, Sept. 2020-Sept. 2021: +10.5%

Source: Sanny11 / iStock via Getty Images

13. Other fats and oils including peanut butter
> Price increase, Sept. 2020-Sept. 2021: +10.7%

Source: ablokhin / iStock via Getty Images

12. Fresh fish and seafood
> Price increase, Sept. 2020-Sept. 2021: +10.7%

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Source: YelenaYemchuk / Getty Images

11. Uncooked ground beef
> Price increase, Sept. 2020-Sept. 2021: +10.8%

Source: Milkos / Getty Images

10. Eggs
> Price increase, Sept. 2020-Sept. 2021: +12.6%

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Source: Lisovskaya / Getty Images

9. Meats
> Price increase, Sept. 2020-Sept. 2021: +12.6%

Source: NightAndDayImages / E+ via Getty Images

8. Pork
> Price increase, Sept. 2020-Sept. 2021: +12.7%

Source: HandmadePictures / Getty Images

7. Bacon, breakfast sausage, and related products
> Price increase, Sept. 2020-Sept. 2021: +14.6%

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Source: karandaev / iStock via Getty Images

6. Beef and veal
> Price increase, Sept. 2020-Sept. 2021: +17.6%

Source: mphillips007 / E+ via Getty Images

5. Other pork including roasts, steaks, and ribs
> Price increase, Sept. 2020-Sept. 2021: +19.2%

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Source: bhofack2 / iStock via Getty Images

4. Bacon and related products
> Price increase, Sept. 2020-Sept. 2021: +19.3%

Source: I_rinka / iStock via Getty Images

3. Uncooked other beef and veal
> Price increase, Sept. 2020-Sept. 2021: +20.6%

Source: ehrlif / iStock via Getty Images

2. Uncooked beef roasts
> Price increase, Sept. 2020-Sept. 2021: +20.8%

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Source: Magone / iStock via Getty Images

1. Uncooked beef steaks
> Price increase, Sept. 2020-Sept. 2021: +22.1%

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