Food Inflation Worst In America Since 1979

The prices of food purchased by American consumers in August suffered from the worst inflation in this country since 1979.

The overall consumer price index (CPI) at 8.3% in August was slightly lower than July’s 8.5%, but it only lowered because the price of gas saw a 10.6% decline for the month.

Food prices rose by 0.8% from July to August, but more importantly they rose by 11.4% year-over-year. That means the average price that American consumers paid for food in August 2022 was 11.4% more than what they paid in August of 2021, and to compound matters, food prices rose by 3.7% from August 2020 to August 2021.

With food prices continuing to increase, the CNN story below shows that this persistent and high inflation could be even higher through the rest of this year and hopefully moderating in 2023.

Some democrats cite the fact that the CPI has gone from 9.1% in June to 8.5% in July to 8.3% in August. However, the 9.1% in June was the highest since 1981, and the fact that gas prices at the pump have dropped so dramatically easily explains the slightly smaller increase in CPI.

With OPEC+ likely to lower oil production by as much as 1 million barrels per day in November, the price of gas could easily rebound very quickly and could even surpass the five-dollar per gallon price consumers were paying in May.

For the past six months, the annual CPI has remained above 8%, a number that is troubling both for the consumer and for democrats alike.

For American consumers, it means paying more for staple goods, gas, and other everyday purchases, not to mention luxury items that many can no longer afford.

For democrats, however, it could mean losing at least the house if not the senate in the upcoming midterm elections.

President Biden said it would “take more time and resolve to bring inflation down” and cited the “Inflation Reduction Act” as one of the methods being used to fight inflation.

According to Forbes, however, a recent “Morning Consult” poll shows that “57% of voters think the “Inflation Reduction Act” will have no impact at all or will actually make inflation worse.” Not a great sign for the White House’s greatest hope at convincing Americans that inflation will decrease.