The Department of Labor's Consumer Price Index for food and beverages jumped 10 points between July 2006 and July 2007, and then leapt nearly 12 points between July 2007 and last month. Prices have slowly increased throughout the year.- "Paying more, getting less; Area residents forced to make sacrifices as food prices continue to climb," Moscow-Pullman Daily News, August 16, 2008
According to the index, a dozen eggs cost an average of 51 cents more now than they did a year ago. Red delicious apples are up 38 cents a pound, and white bread costs about 18 cents more per loaf. Chicken and ground beef are more expensive, too, and the price of milk rose almost 5 percent in July alone.
Wholesale inflation surged in July, leaving prices for the past year rising at the fastest pace in 27 years, according to government data released Tuesday.- "Wholesale prices rising at fastest pace since 1981," Seattle Times, August 19, 2008
The Labor Department reported that wholesale prices shot up 1.2 percent in July, pushed higher by rising costs for energy, motor vehicles and other products. The increase was more than twice the 0.5 percent gain that economists expected.
Food prices rose by 0.3 percent in July after a 1.5 percent surge in June. Beef prices jumped by 7.4 percent, the biggest increase in nearly four years. Milk prices shot up by 5 percent, the biggest gain in a year, while soft drink prices rose by 2.4 percent, the largest increase in four years.