US food prices rose sharply in July, keeping the cost of living painfully high, even as lower gasoline costs brought some relief to consumers, Bloomberg wrote.
Overall, food prices rose 10.9 percent from a year earlier, the biggest increase since 1979, according to data released by the Labor Department. Several basic necessities, such as cereal and some dairy products, showed record year-over-year increases.
While overall inflation declined from the previous month, largely because of falling energy prices, the rising cost of food as well as rising rents continued to weigh on consumers, especially low-income Americans.
On a month-over-month basis, food prices rose 1.14%, the highest since April 2020. The cost of food outside the home, such as at a restaurant, also continued to rise, albeit at a slower rate than groceries.