There has been a great deal of economic good news for the average American in the past two years, particularly striking in the context of an ongoing pandemic. Unemployment is at its lowest rate since 1969, and wages are rising, with personal income up by 6.6% in 2020 and 7.4% in 2021. Still, overshadowing these positive figures are those tracking inflation, with the consumer price index rising 8.5% between March 2021 and March 2022.Â
Even with a wide open job market and higher salaries, consumers are reminded every day of the toll that inflation is taking on the family budget. The message hits hardest at the gas pump, where gas prices have risen 48% in the past year. For people heating their homes with fuel oil, the impact has been even greater, with fuel prices rising 71%. And although food costs have more or less tracked wage increases, for many grocery products, prices feel exorbitant. (These are the states with the highest gas prices.)
To determine the 20 groceries driving up your food bill the most, 24/7 Wall St. reviewed data on the consumer price index for all urban consumers from the Bureau of Labor Statistics. Food and beverage products were ranked based on the percentage change in CPI, not seasonally adjusted, from March 2021 to March 2022. Prices on this list increased in price over the past year from 12.5% to 18.3%.
The current discomfort at the supermarket comes after years of steady, predictable grocery bills. Rises in food prices fluctuated within a limited range between 2013 and 2020, with increases ranging from 1.1% to 3.3% in those years, except for 2016 when there was a 0.1 % decrease in food costs.Â
The pandemic year of 2020 changed this non-inflationary trend dramatically. In 2020, food prices rose 3.8%, more than double the increase of the previous year, and in 2021 there was an increase of 6.8% in food prices. The trend has continued, with the cost of food rising 7.9% between February 2021 and February 2022 and by 8.8% between March 2021 and March 2022.
Predictions as to how the upward trend in prices will play out are complicated by the increases in interest rates the Federal Reserve has initiated, which is likely to push prices downward. Another complicating factor is the war in Ukraine, which has caused supply disruption from Ukraine, a major producer of several food items. The shortages may force prices higher.Â
This month, the U.S. Department of Agriculture raised its price increase forecasts for all food items except vegetables, but the overall prediction is that increases in food prices will be lower than they were in 2020 and 2021, rising between 4.5% and 5.5% in 2022. (Not all prices are soaring, the price of this household item is plunging.)
Click here to see the 20 groceries driving up your food bill the most
[in-text-ad]
Source: OlenaMykhaylova / iStock via Getty Images
19. Canned vegetables
> Price increase, March 2021 to March 2022: +12.5%
24/7 Wall St.
Source: Cavan Images / iStock via Getty Images
18. Lunchmeats
> Price increase, March 2021 to March 2022: +12.7%
Source: Dash_med / iStock via Getty Images
17. Fresh milk other than whole
> Price increase, March 2021 to March 2022: +12.8%
[in-text-ad-2]
Source: LauriPatterson / E+ via Getty Images
16. Breakfast sausage and related products
> Price increase, March 2021 to March 2022: +13.5%
Source: bhofack2 / iStock via Getty Images
15. Pork chops
> Price increase, March 2021 to March 2022: +13.8%
[in-text-ad]
Source: VLG / iStock via Getty Images
14. Uncooked ground beef
> Price increase, March 2021 to March 2022: +13.8%
24/7 Wall St.
Source: Saddako / iStock via Getty Images
13. Salad dressing
> Price increase, March 2021 to March 2022: +13.9%
Source: AlexRaths / Getty Images
12. Frozen fish and seafood
> Price increase, March 2021 to March 2022: +13.9%
[in-text-ad-2]
Source: sandoclr / E+ via Getty Images
11. Flour and prepared flour mixes
> Price increase, March 2021 to March 2022: +14.2%
Source: bhofack2 / Getty Images
10. Ham, excluding canned
> Price increase, March 2021 to March 2022: +14.4%
[in-text-ad]
Source: SarapulSar38 / iStock via Getty Images
9. Fresh whole milk
> Price increase, March 2021 to March 2022: +14.5%
24/7 Wall St.
Source: dulezidar / iStock via Getty Images
8. Fats and oils
> Price increase, March 2021 to March 2022: +14.9%
Source: VLG / iStock via Getty Images
7. Fresh and frozen chicken parts
> Price increase, March 2021 to March 2022: +15.1%
[in-text-ad-2]
Source: EVAfotografie / iStock via Getty Images
6. Margarine
> Price increase, March 2021 to March 2022: +15.8%
Source: Olga_25 / iStock via Getty Images
5. Crackers, bread, and cracker products
> Price increase, March 2021 to March 2022: +16.3%
[in-text-ad]
Source: gilaxia / iStock via Getty Images
4. Uncooked beef steaks
> Price increase, March 2021 to March 2022: +16.4%
Source: DarrenFisher / iStock via Getty Images
3. Uncooked beef roasts
> Price increase, March 2021 to March 2022: +17.7%
Source: bhofack2 / iStock via Getty Images
2. Bacon and related products
> Price increase, March 2021 to March 2022: +18.2%
[in-text-ad-2]
Source: phubadee / iStock via Getty Images
1. Oranges, including tangerines
> Price increase, March 2021 to March 2022: +18.3%
Sponsored: Find a Qualified Financial Advisor
Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. If you’re ready to be matched with local advisors that can help you achieve your financial goals, get started now.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
