Soaring inflation is pushing up prices of food, energy, and other essential commodities, putting more financial strain on American citizens, with many households spending considerably more of their income on groceries compared to a year ago.
The 12-month Consumer Price Index (CPI), a measure of inflation, hit a record 9.1 percent in June, according to data published on July 13 by the U.S. Bureau of Labor Statistics (BLS). Food prices rose by 10.4 percent in June, with the “food at home” index jumping by 12.2 percent, the largest 12-month increase since April 1979.
