Food Prices , Continue to Rise, for Citizens of the United States.
The price of food and supplies continues to rise for citizens of the United States.
According to the Bureau of Labor Statistics, the price of groceries has risen 5.4% in the last year.
According to the Bureau of Labor Statistics, the price of groceries has risen 5.4% in the last year.
Prices for necessities like housing and energy went up 5.2%, the largest increase in 30 years.
Prices for necessities like housing and energy went up 5.2%, the largest increase in 30 years.
CNN Business reports consumers should expect this trend to continue into next year.
With transportation and labor costs being so high, manufacturers have been forced to charge retailers increased prices.
With transportation and labor costs being so high, manufacturers have been forced to charge retailers increased prices.
Experts say increased food prices impact low-income consumers the most.
Families that have to spend a higher share of their incomes on necessities get squeezed more when the prices of necessities increase.
, Diane Schanzenbach, Director of the Institute for Policy Research Northwestern University, via CNN Business.
Families that have to spend a higher share of their incomes on necessities get squeezed more when the prices of necessities increase.
, Diane Schanzenbach, Director of the Institute for Policy Research Northwestern University, via CNN Business.
The Department of Agriculture says that on average, the lowest-earning households in the United States spend 36% of their income on food.
The Department of Agriculture says that on average, the lowest-earning households in the United States spend 36% of their income on food.
Data suggests households in the top tax bracket spend merely 8% of their income on food.
In the past, consumers in the United States have willingly accepted these higher prices and continued spending.
This time around, that may not be the case
