Food prices have soared 11.4 percent over the 12 months ending in August, according to the U.S. Bureau of Labor Statistics (BLS), meaning that budget-conscious shoppers have had to buy less of more expensive foods — or do without them.
The U.S. Department of Agriculture (USDA) forecasts that food prices will rise 2.5 percent to 3.5 percent in 2023. Over the past 20 years, food prices have increased an average of 2.4 percent annually.
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Currently, however, food price increases are taking a big bite out of your wallet. Here are five items, in particular, that are consuming your food budget.
Pretty much any food derived from cattle has risen in price, and milk, up 17 percent in the past 12 months, is no exception. The cost of corn is a big factor, but so is the cost of labor.
U.S. dairy farming is mainly a large-scale industrial operation. Since 2003, the U.S. has lost more than half of its licensed dairy operations (which now number just shy of 32,000), according to the USDA. Most of them were small family dairies.