According to the Bureau of Labor Statistics, the price of bacon has made an extreme jump of 13% in the past year.
Just in the month between April and May bacon prices rose 1.8%. According to Bloomberg news, not only is the bacon price rising, but it is causing key ingredients to rise. Restaurants are having to pay more for these important ingredients, making them want to raise their own prices, making up for the increase. There is a significant amount of items that have extremely price rocketed in the past year. The cost of other household staples has risen sharply, too.
Over the past year, whole milk prices have risen 7.2%, beer 2.4%, and cigarettes 7.6%, the BLS data showed. Whiskey has also climbed 3.7% in the past year, BLS data showed. It rose 0.7% from April to May, having fallen 0.2% in the previous month. The BLS figures showed that food away from home rose by 4% year-on-year. Restaurants are raising the prices of menu items due to rising food costs and a labor shortage.
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The overall consumer price index (CPI) rose 0.6% from April to May, and has surged 5% in the past year. The monthly CPI jump was due mostly to a 7.3% rise in the cost of used cars and trucks, which accounted for about one-third of the seasonally-adjusted all items increase. Gasoline prices surged 56.2%, and car and truck rentals grew by 110% year-on-year.
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ARTICLE: MACY ROEPKE
MANAGING EDITOR: CARSON CHOATE
PHOTO CREDITS: HEALTHLINE