Here’s How Much Grocery Prices Have Increased Since the Last Election
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If you feel like your trips to the grocery store have been putting a bigger dent in your wallet lately, you’re not imagining things. Food prices in the United States have risen significantly over the past few years due to high inflation.
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During the last federal election on Nov. 3, 2020, food inflation was running at just 3.9% annually. Fast forward to March 2024, and the latest data shows food prices have risen a whopping 25.8% since then. To put that in perspective, a basket of groceries that cost $100 in November 2020 would now set you back $125.80. That’s an increase of nearly $26 for the exact same food items.
The biggest price hikes have been for specific grocery categories like eggs, dairy products, cereals and baked goods. But price rises have impacted all food groups across the board.
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Eggs in Particular Have Skyrocketed
The inflation data shows egg prices were among the worst hit, with the average price soaring 54% from November 2020 to March 2024. So if a dozen eggs cost you $2 at the election, that same dozen eggs would now average around $3.08.
Dairy products like milk, cheese and butter also saw major price hikes over the past 3.5 years. Milk increased 36%, with a $3 gallon now costing $4.08 on average. Cheese and butter prices jumped around 30% over that period.
The price of cereals and bakery products, like bread, rolls, crackers and cookies, wasn’t far behind — rising around 28% since November 2020. So a $4 box of cereal back then would now cost you about $5.12 on average.
Meat, Poultry and Produce Are Also Much Pricier
The cost of meat, poultry, fish and eggs collectively rose 23.5% since the last election. Beef prices were up around 20%, with chicken increasing over 25%. So $5 worth of ground beef in 2020 would now average $6.
For fresh fruits and vegetables, the price hike averaged around 21% over that 3.5 year period — a $3 pound of apples in November 2020 would now typically cost you $3.63.
The Overall Food Inflation Picture
Looking at overall food inflation, the annual rate for March 2024 was 2.2%. That’s down from the shocking peak of 11.4% in August 2022, but still higher than the 20-year average of around 2.7%.
Food price inflation first started accelerating in early 2021, jumping from just 1.4% in January of that year to 3.5% by March. It kept climbing month after month, finally peaking at 11.4% in August 2022 as soaring costs for grain, meat and dairy fed through to grocery stores.
While overall food inflation started gradually pulling back after that August 2022 peak, prices have remained stubbornly high for most grocery categories compared to pre-COVID-19-pandemic levels.
So while the latest 2.2% annual food inflation rate for March 2024 seems more manageable, it doesn’t negate the cumulative 25.8% increase in grocery prices since that November 2020 election. And it remains to be seen if that downward trend in food inflation will continue in the coming months.
With the significant rise in food costs over the past few years, American households have been forced to spend a bigger share of their income on basic grocery items. Tighter budgets due to higher prices have financial impacts that ripple through the entire economy. As the data so clearly shows, a routine trip to the grocery store is a much more expensive these days than it was just a few years ago.
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This article originally appeared on GOBankingRates.com: Here’s How Much Grocery Prices Have Increased Since the Last Election