How Swelling Grocery Bills Are Crushing the Poorest
The cost of eggs and bread is soaring – a trend that’s particularly punishing for the poorest Americans.
Average food prices climbed an annualized rate of 10.4% in June, the Bureau of Labor Statistics reported on July 13, 2022. The gains were driven primarily by the cost of groceries, which jumped the most since the 1970s, by 12.2%. Overall inflation was up 9.1% from a year earlier.
These sharp increases have startled consumers, in large part because food costs had been rising moderately for decades.
While all Americans have seen their grocery bills swell, many may not fully appreciate the enormous burden that rising food costs pose for low-income households. The reason is simple: Poor families spend a much larger share of their income on food than the median household.
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