High prices at the gas pump have been grabbing headlines, but it’s rising costs at the supermarket that are really starting to take a bite out of household budgets. The component of the consumer price index that tracks grocery prices, known as the food at home index, jumped 0.5% in May from where it stood in April, calculated on a seasonally adjusted basis. Meanwhile, the gasoline-index component of the CPI fell 2.0% in May, the first decline since June 2010.
Food prices have been creeping up all year. According to the latest American Farm Bureau Federation Marketbasket Survey, 14 of the 16 supermarket staples it tracks have increased in price between the first and second quarters of 2011. Boneless chicken breasts (down 7%) and shredded cheese (down 1.5%) are the only two grocery items that cost less than they did three months ago.
Here are the 14 common grocery-list items from the Marketbasket Survey that have climbed in price since the first quarter, as well as the USDA’s latest projections for food-cost increases in 2011. As a bonus, we’ve thrown in a few tips on how to save on these grocery items.
14 Grocery List Staples That Are Getting More Expensive