The new report is sounding the alarm about the rising cost of these essential commodities

A few years ago, it may have seemed like just a CEO talking point.

But now, it seems that price inflation — or the rising cost of many goods and services in the United States — is something we can all agree on.

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In fact, it’s hard not to notice the price of many things rising from where they were a few months ago. Maybe even a few weeks ago.

Whether you shop at niche specialty stores for common staples or discount stores like Walmart or Costco, chances are you’ve noticed that your dollar isn’t stretching the way it used to. Almost everything – from electricity to chocolate – costs more.

The latest figures for the Consumer Price Index (CPI) show that prices in June fell by around 0.1% compared to May. The CPI rose 3% on a 12-month basis, a slightly smaller increase than the 3.3% we saw in May.

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This may sound like positive news. And any indication that inflation may be cooling should be welcome news to US consumers and data watchers. But the truth is that prices are still rising. And buyers are still struggling.

New CPI figures are expected this week

We’ll get a better idea of ​​how July’s price compares to June’s when the CPI comes out on August 14th. As it stands, analysts expect the monthly numbers to rise about 0.2 percent for all items as well as the core measure. , which represent the less volatile elements.

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As it stands, however, the latest data shows that prices have continued to rise. Here’s a look at how some key goods and services have changed month-on-month:

• Food at home: up 0.2%
• Food away from home: up 0.1%
• Energy: up 0.4%
• Electricity: 0.7% decrease
• New vehicles: down 0.2%
• Used vehicles: 1.5% decrease
• Clothing: up 0.1%
• Shelter: up 0.2%
• Transport services: down 0.5%
• Health care services: up 0.2%

“The index for food at home increased by 1.1% over the past 12 months. The index for meat, poultry, fish and eggs increased by 2.6% over the past 12 months and the index for other food at home increased by 1.6 %”, the CPI shows. .

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“During the same period, the non-alcoholic beverages index increased by 1.5 percent and the cereal and bakery index increased by 0.5 percent. In comparison, the fruit and vegetable index fell by 0.5 percent over the year, and the dairy and related products index fell by 0.1 percent.”

Groceries are more expensive

And according to a new analysis of the loan tree, food, in particular, puts many Americans off.

“It cost 1.8% less to buy a typical basket of groceries in July than a month earlier, according to a LendingTree analysis of 33 commonly purchased items. However, prices are 3.1% higher than three months ago and 2.0% higher than a year ago. “, reports the survey.

For example, the typical grocery bill now costs a consumer $86.18 — up 2 percent from the same period in 2023. That’s a lot when you consider that most Americans shop every week; a 2% increase will add up quickly.

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Some items in particular have seen massive price increases compared to 2023. These include:

• Grade A Large White Eggs: Up 71.6% or $1.01 per dozen
• Broccoli: Up 68.7% or 68 cents per pound
• Bananas: Up 38.8% or 19 cents per kilo

Looking month-over-month, the items with the biggest price increases from June to July 2024 include:

• Chinese Cabbage: Up 228.2% or 89 cents to $1.28 a kilo
• Chicken wings (quick frozen): up 189.1% or $5.03 to $7.69 per kilo
• Organic Cherry Tomatoes: Up to 172.0% or $3.44 to $5.44 per pint
• Honeycrisp Apples: Up 112.4% or $2.08 to $3.93 per two-pound bag

Lending Tree also points out that sweet corn, large white eggs, bananas and celery each rose at least 30% in July, but some of those prices were offset by a drop in prices for some staples, including carrots , zucchini, and whole chicken.

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