Prices shoppers paid for groceries climbed 1% in October from September and were 5.4% higher than at the same time last year, according to data released Wednesday by the Bureau of Labor Statistics.
Overall, prices, which also include things like rent, cars and energy, climbed 6.2% over the last 12 months, the largest increase since 1990.Meat prices were 14.5% higher in October from last year. Packaged meat suppliers such as Tyson and Kraft Heinz are planning price hikes on their cheaper items like hot dogs and burgers beginning in January.Within grocery, steaks have seen the highest price jump annually, costing 24.9% more in October than they did a year ago. Eggs were 11.
"Families that have to spend a higher share of their incomes on necessities get squeezed more when the prices of necessities increase," Diane Whitmore Schanzenbach, director of the Institute for Policy Research at Northwestern University, said in a recent email.
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