The average purchase price of groceries in the US is nearly 8% higher this year than last year, according to the latest Bureau of Labor Statistics data. But not all prices in his shopping cart are the same. Apples are up 5%, while breakfast cereals are up nearly 25% for him.
In the meat sector, prices are similarly affected. Chicken and turkey meat is up 17% since last October. Meanwhile, beef and veal prices actually fell by 3.6%.
Bird flu was not the only cause of the higher costs for “broilers” bred for meat production, but has taken a toll on chickens used in production.
Egg prices are up a whopping 43% year-on-year. Avian flu epidemic has killed 49 million turkeys and other poultry so far this year, keeping turkey prices at record highs, according to the Associated Press.
The cost of chicken feed is also rising, and that cost is being passed on to consumers — not to mention fuel costs. Consumers already pay a lot to fill up their cars, but they also pay these extra costs across in the chain of supply.
Demand for beef remains strong, but there are other factors driving prices down slightly. The U.S. has cut beef exports this year, which could lead to a “fight” in the beef market as prices are cut to boost domestic demand. Earlier this year, Tyson Foods announced it was cutting some of its meat prices in response to declining demand for its premium cuts.
Raw steaks and roasts have seen their biggest price drops since last year, while ground beef prices have remained broadly flat.
Certain types of meat have gone up in price significantly this year. The price of meat for lunch is 19% higher than it was a year ago, according to government statistics. Elsewhere in the grocery store, cookies, crackers, white bread, lettuce, frozen vegetables and salad dressings are all up 15% to 20%.