After months during which the U.S. economy was under siege by inflation, the December consumer price index fell 0.1% from November. The number seems small, but it is the largest drop since April 2020. The year-over-year increase was 6.5%, the lowest since October 2021. Make no mistake, however, inflation is not going away, and in some cases, the prices of items continue to surge.
Of particular note is the price of food at elementary and secondary schools, which soared over 305% in December 2022 compared to December the previous year. Similarly, food at employee sites and schools shot up nearly 130%.
While these may not be everyday items for many Americans, some of the items with the sharpest price increases are staples of everyday life — which means many Americans will not feel they have gotten much relief. The price of eggs rose 60% compared to December 2021, though this is partly due to an avian flu outbreak. The price of butter and margarine rose by over 30%. Lettuce was up 25%. Gas used for heating homes was up over 20%.
How people are affected by inflation relates to how much they spend in their daily lives and on what. Food prices, in particular, are not dropping, which is critical to the household budgets of millions of people. (These are the 50 cities with huge populations living on food stamps.)
Meanwhile, the Federal Reserve has raised rates aggressively in an attempt to curb rising prices. This, in turn, has increased mortgage rates from about 3% a year ago to 6% currently. That difference can add hundreds of dollars a month to mortgage payments. Loans in general have cost consumers more over the last year. (Also see, states where inflation is causing the most stress.)
Will inflation drop back to 2% year over year, which is close to what it was for the decade before 2022? Almost certainly not. However, the relief has begun, and could last well into this year.
To determine the 40 household items that are soaring in price, 24/7 Wall St. reviewed the Bureau of Labor Statistics’ Consumer Price Index Summary December report. Prices are compared to December 2021.
Click here to see the price of which item is soaring.
Source: knape / E+ via Getty Images
40. Sugar and sugar substitutes
> Price increase, December 2021 to December 2022: +14.3%
[in-text-ad]
Source: last19 / iStock via Getty Images
39. Coffee
> Price increase, December 2021 to December 2022: +14.3%
Source: NicolasMcComber / iStock via Getty Images
38. Food from vending machines and mobile vendors
> Price increase, December 2021 to December 2022: +14.8%
Source: sunstock / iStock via Getty Images
37. Household paper products
> Price increase, December 2021 to December 2022: +14.9%
[in-text-ad-2]
Source: artisteer / iStock via Getty Images
36. Fresh cakes and cupcakes
> Price increase, December 2021 to December 2022: +14.9%
Source: udra / iStock via Getty Images
35. Ice cream and related products
> Price increase, December 2021 to December 2022: +15.0%
[in-text-ad]
Source: LauriPatterson / E+ via Getty Images
34. Lunch Meats
> Price increase, December 2021 to December 2022: +15.1%
Source: Chalabala / iStock via Getty Images
33. Pet food
> Price increase, December 2021 to December 2022: +15.2%
Source: bhofack2 / iStock via Getty Images
32. Sauces and gravies
> Price increase, December 2021 to December 2022: +15.2%
[in-text-ad-2]
Source: ASMR / iStock via Getty Images
31. Rice, pasta, cornmeal
> Price increase, December 2021 to December 2022: +15.4%
Source: LuPa Creative / iStock via Getty Images
30. Roasted coffee
> Price increase, December 2021 to December 2022: +15.5%
[in-text-ad]
Source: oykuozgu / iStock via Getty Images
29. Soups
> Price increase, December 2021 to December 2022: +15.7%
Source: merc67 / iStock via Getty Images
28. Olives, pickles, relishes
> Price increase, December 2021 to December 2022: +15.8%
27. Crackers, bread, and cracker products
> Price increase, December 2021 to December 2022: +16.0%
[in-text-ad-2]
Source: photokitchen / iStock via Getty Images
26. Cereals and bakery products
> Price increase, December 2021 to December 2022: +16.1%
Source: Lara Hata / iStock via Getty Images
25. Fresh biscuits, rolls, muffins
> Price increase, December 2021 to December 2022: +16.3%
[in-text-ad]
Source: Lauri Patterson / Getty Images
24. Bakery products
> Price increase, December 2021 to December 2022: +16.3%
Source: jsolie / iStock via Getty Images
23. Stationery, stationery supplies, gift wrap
> Price increase, December 2021 to December 2022: +16.4%
Source: VictoriaBee / iStock via Getty Images
22. Frozen vegetables
> Price increase, December 2021 to December 2022: +16.4%
[in-text-ad-2]
Source: lapandr / iStock via Getty Images
21. Canned vegetables
> Price increase, December 2021 to December 2022: +17.6%
Source: 4nadia / iStock via Getty Images
20. White bread
> Price increase, December 2021 to December 2022: +17.7%
[in-text-ad]
Source: etiennevoss / iStock via Getty Images
19. Canned fruits
> Price increase, December 2021 to December 2022: +18.2%
24/7 Wall St.
Source: natapetrovich / iStock via Getty Images
18. Frankfurters
> Price increase, December 2021 to December 2022: +18.2%
Source: boblin / E+ via Getty Images
17. Cookies
> Price increase, December 2021 to December 2022: +18.2%
[in-text-ad-2]
Source: jmalov / iStock via Getty Images
16. Salad dressing
> Price increase, December 2021 to December 2022: +18.3%
Source: gorodenkoff / Getty Images
15. Frozen and refrigerated bakery products, pies, tarts, turnovers
> Price increase, December 2021 to December 2022: +18.4%
[in-text-ad]
Source: PeopleImages / iStock via Getty Images
14. Public transportation
> Price increase, December 2021 to December 2022: +18.9%
24/7 Wall St.
Source: LoveTheWind / iStock via Getty Images
13. Motor oil, coolant, and fluids
> Price increase, December 2021 to December 2022: +19.1%
Source: RyersonClark / E+ via Getty Images
12. Utility (piped) gas service
> Price increase, December 2021 to December 2022: +19.3%
[in-text-ad-2]
Source: Shutter2U / iStock via Getty Images
11. Motor vehicle repair
> Price increase, December 2021 to December 2022: +19.5%
Source: fcafotodigital / E+ via Getty Images
10. Fats and oils
> Price increase, December 2021 to December 2022: +23.2%
[in-text-ad]
Source: Timmary / iStock via Getty Images
9. Flour and prepared flour mixes
> Price increase, December 2021 to December 2022: +23.4%
Source: wmaster890 / iStock via Getty Images
8. Lettuce
> Price increase, December 2021 to December 2022: +24.9%
Source: raksyBH / iStock Editorial via Getty Images
7. Airline fares
> Price increase, December 2021 to December 2022: +28.5%
[in-text-ad-2]
Source: Twoellis / iStock via Getty Images
6. Butter
> Price increase, December 2021 to December 2022: +31.4%
Source: ronniechua / Getty Images
5. Fuel oil
> Price increase, December 2021 to December 2022: +41.5%
[in-text-ad]
Source: EVAfotografie / iStock via Getty Images
4. Margarine
> Price increase, December 2021 to December 2022: +43.8%
Source: Bill Oxford / iStock via Getty Images
3. Eggs
> Price increase, December 2021 to December 2022: +59.9%
Source: PIKSEL / iStock via Getty Images
2. Food at employee sites and schools
> Price increase, December 2021 to December 2022: +129.6%
[in-text-ad-2]
Source: SDI Productions / E+ via Getty Images
1. Food at elementary and secondary schools
> Price increase, December 2021 to December 2022: +305.2%
Essential Tips for Investing: Sponsored
A financial advisor can help you understand the advantages and disadvantages of investment properties. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
Investing in real estate can diversify your portfolio. But expanding your horizons may add additional costs. If you’re an investor looking to minimize expenses, consider checking out online brokerages. They often offer low investment fees, helping you maximize your profit.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
