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Soaring food prices affecting U.S. economy

Soaring food prices are affecting the U.S. economy
Posted at 9:04 AM, Dec 13, 2021
and last updated 2021-12-13 10:08:24-05

WASHINGTON, D.C. — Along with several other items, food prices continue to soar these days.

In fact, consumer food prices in the United States have jumped to their highest levels in nearly 40 years.

On Friday, the Bureau of Labor Statistics reported that over the past year, food prices at restaurants jumped nearly 6 percent, the highest spike since 1982.

And for those hoping to curb spending by cooking at home, grocery prices are also at record highs as they've jumped by nearly 6 1/2 percent.

That's the largest 12-month increase since December 2008.

Beef prices have seen a dramatic 20.9 percent spike.

The price hikes are being attributed partly to the pandemic as costs for commodities have increased due to labor and transportation issues.