Posted 2/21/2024, 8:10:00 PM
Food Prices Soar to 30-Year High as Inflation Hits Grocery Bills
- Americans spent 11.3% of disposable income on food in 2022, the most since 1991
- Grocery and restaurant prices increased significantly in 2022 and early 2023 due to inflation
- Fast food prices rose 5.8% as minimum wages increased in many states
- Companies are accused of "shrinkflation," slightly decreasing package sizes while charging the same prices
- Meat and egg prices rose slower than historical averages, but fats, oils, sweets saw larger increases
