As we move into the new year, Americans are generally hoping for things to be better in 2023 than they were in 2022, a year in which food prices soared out of control. But so far, there are few indications that 2023 will be an improvement, and some point to things actually getting worse.
The latest Consumer Price Index Data from the Bureau of Labor Statistics found that grocery prices increased 12% in the previous 12 months, far higher than the already elevated inflation rate of around 9% that the federal government admits. The cost of fresh and dry vegetables skyrocketed over the past year, with a 38.1% increase last month alone. The price of eggs shot up an incredible 244% in the prior 12 months, during which Joe Biden has taken fire for the elevated prices, in particular the price for food and energy.
