Food prices in the United States shot up in May at their fastest annual pace in 42 years, according to new government data, with some food producers warning American households to brace for more inflationary pain ahead, as some input costs have yet to be reflected in grocery store prices.
The food component of the personal consumption expenditures (PCE) price index, released on June 30 by the Commerce Department (pdf), showed food prices vaulting at an annual 11 percent in May, the highest reading since 1980.
