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Food Inflation

United States food inflation from 1947 to 2022

Quick summary

  1. Cost of food in the US rosed 10.66% year-over-year in November 2022.
  2. Food inflation increased by an average of 6.27% a month in the last 12 months.
  3. From October to November, the cost of food decreased by 0.50%.

What is food inflation?

Food inflation is the increase in the price of food paid by consumers.

Food inflation in the past 12 months

In the past 12 months food inflation peaked at 10.66% in August 2022.

Date Food inflation Change from prior month
November 2022 10.66% 0.50%
October 2022 10.94% 0.60%
September 2022 11.24% 0.78%
August 2022 11.36% 0.79%
July 2022 10.92% 1.10%
June 2022 10.43% 0.99%
May 2022 10.14% 1.17%
April 2022 9.37% 0.87%
March 2022 8.81% 0.99%
February 2022 7.91% 1.02%
January 2022 6.98% 0.88%
December 2021 6.27% 0.49%

What does this mean?

Cost of food on average has gone up 10.66% from November 2021 to 2022. This means for example, food which costed $10 in November 2021 would cost around $11.07 today, an increase of $1.07 year-over-year.

Are you keeping up with cost of food?

If you were making $25/hour in November 2021, you would need to be making $27.67/hour today to keep up with cost of food.

What food inflation looks like

The effect of food inflation on the cost of food, assuming a base price of $10.00 in November 2021.
Date Cost of food Change from prior month
December 2021 $10.05 + $0.05
January 2022 $10.14 + $0.09
February 2022 $10.24 + $0.10
March 2022 $10.34 + $0.10
April 2022 $10.43 + $0.09
May 2022 $10.55 + $0.12
June 2022 $10.66 + $0.10
July 2022 $10.78 + $0.12
August 2022 $10.86 + $0.09
September 2022 $10.95 + $0.08
October 2022 $11.01 + $0.07
November 2022 $11.07 + $0.06

Impact of inflation on the cost of goods and services

The change in cost of $100 worth of goods and services over the last 12 months.

Historic food inflation

US food inflation from 1947 to November 2022.

Source(s)

  1. https://www.bls.gov/

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