Inflation in the United States: What food items increased in price in May 2023?
The Bureau of Labor Statistics has released the inflation report for May. These are the food items that increased in price the most in the past 12 months.
After reaching all-time highs in June 2022 exceeding a 9 percent year-on-year increase, the inflation rate is on the decline.
According to the most recent data release from the United States Bureau of Labor Statistics, inflation compared to last May fell by 0.9 percent, standing at 4.0 percent; exceeding economists’ expectations, who had expected a 4.5 percent rise.
With this, the inflation rate is at its lowest level in the last two years. However, this does not mean that inflation will not continue to go up, it only reflects that the rates are increasing at a slower pace compared to the previous year.
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Inflation in the United States: What foods increased in price in May 2023?
Although the rate of increase in inflation has been falling, the prices of some products and food have increased compared to the numbers of a year ago.
According to the report from the Bureau of Labor Statistics, these are the products and foods that showed the greatest increase in their prices between May 2022 and May 2023:
The above list corresponds to the foods that had the greatest increase. However, many others also suffered a surge in their prices, although at a lower level. For example, cheese rose 3.6%, while chicken rose 0.9%, and fruits and vegetables 0.6%.
Food that saw prices falling
Despite the rise in some prices, there are other kinds of food that witnessed the opposite effect on their price tags. According to the BLS, these are the foods whose prices fell the most: