Prices of most staples that many families depend on have increased by around twice as much as the official food inflation rate
Americans’ cost-of-living crisis continues. On Thursday, the Bureau of Labor Statistics announced that the Consumer Price Index rose 3.7% over the last year, about twice the Federal Reserve’s target rate. Although inflation has moderated from the beginning of the year, prices of goods and services have increased by around 20% since President Biden’s term started. Food prices are up by about the same amount.
This inflation has taken a painful bite out of Americans’ living standards. For many people, the chomp feels even bigger than these topline inflation numbers indicate. And they’re not only referring to the price of gasoline, which has risen by 64% — from $2.42 to $4 a gallon — since Biden took office.
One consumer has the receipts. Eshia De Serriere, an ordinary shopper from Bolivar, Missouri, recently posted her Walmart grocery bills to social media, comparing prices for the same items purchased in late 2020 versus today.
