Surging inflation means Americans will face steep bills on the food market while stocking up their fridges with Memorial Day food and snacks this weekend.
Barbecue staples have jumped in price over the past yr, resulting in more financial pain for cash-strapped Americans. The price of food in supermarket aisles spiked a whopping 10.4% in April in comparison with the identical month last yr, in accordance with the Consumer Price Index.
The worth of steaks, a Memorial Day favorite, was up 11.8% through April in comparison with the identical month last yr. Uncooked ground beef rose 14.8%, while hot dogs were about 7% costlier. Burger additions akin to lettuce and cheese are respectively up 12.7% and 6.5%.
Fans of chicken wings are also in for sticker shock on the food market, with prices of fresh and frozen chicken parts up 17.9%. Bakery products, including bread, are up 9.6% year-over-year.
Price increases for alcoholic beverages were more muted, though they’re still higher in comparison with last yr. Beer is up 5% and wine is up 1.5%.
At-home food prices have surged greater than 10% over the past yr.Getty Images
The Federal Reserve and President Biden are under mounting pressure to handle the inflation crisis. Overall consumer prices jumped 8.3% in April, remaining near four-decade highs, while food prices increased by 9.4%.
Biden has identified the fight against inflation as his top domestic priority – though that hasn’t stopped Republicans from targeting his administration over what is anticipated to be a key issue throughout the 2022 midterms.
As summer begins, travel costs from airfare to rental cars are surging. But hundreds of thousands of Americans are struggling to cover basic expenses, let alone vacations.
The brand new normal under Democrats’ inflation: Harder to fill the tank. Harder to feed a family. Harder to get by.
— Leader McConnell (@LeaderMcConnell) May 26, 2022
As summer begins, travel costs from airfare to rental cars are surging,” Senate Minority Leader Mitch McConnell (R-KY) tweeted. “But hundreds of thousands of Americans are struggling to cover basic expenses, let alone vacations.”
“The brand new normal under Democrats’ inflation: Harder to fill the tank. Harder to feed a family. Harder to get by,” he added.
Record holiday travel prices will only add to the stress for the getaway weekend. Gas prices hit an all-time high of $4.60 per gallon on the national level on Thursday and were still hovering near their peak as of Friday afternoon.
Still, high prices on the pump weren’t expected to discourage motorists. AAA forecasts that 34.9 million Americans will make trips by automobile of fifty or more miles this weekend, up nearly 5% in comparison with last yr.