Here are the 5 most expensive grocery items you buy. Groceries are stupid expensive. In the last few years, prices have gone up, some items even doubling in price since Covid. Get used to these high prices, because they won’t be going away anytime soon.
It’s expensive trying to keep the cupboards and the fridge stocked with food today. According to the U.S. Department of Agriculture (USDA), grocery prices jumped 11.4% last year, after rising just 3.5% in both 2020 and 2021.
The consumer price index (CPI) reports food prices increased by 6.7% between May 2022 and May 2023. American consumers are now paying close to 40% more for an assortment of groceries (coffee, milk chicken, eggs) in comparison to pre-pandemic price points seen in early 2020.
What Is Causing Groceries To Be So Expensive
If you’re wondering what exactly is driving this incline in food prices, it may be easier to consider what isn’t. Between production costs, labor shortages, global supply chain issues, droughts, disease outbreaks, hurricanes and wildfires, there are a whole lot of factors contributing to larger grocery bills.
Many households have cut back on other expenses like dining out at restaurants, while others looking for discounts and sales whenever it’s time to put together a new shopping list.
The price of eggs last year was bad due to the worst ever outbreak of avian influenza,. Over 40 million egg-laying hens had to be culled resulting in a 200% price jump. Recently, egg prices all over the country are back down to reasonable prices.
While budgeting for grocery items has tough for American households, there are items in particular that we will see an increase in price this fall, so be prepared. The 5 most expensive grocery items you buy.
1. Beef
The Wall Street Journal reported that ranchers all over the country are continuing to shrink their cattle herds due to droughts and rising costs. The amount of cattle in the United States is at its lowest point in close to a decade. Ground beef specifically is over 20% more expensive than it once was in 2020 and prices are not going to go down anytime soon.2. Oranges
Florida is the number one producer of Oranges. This past year has been the worst orange harvest in close to a century. Citrus harvests in Florida are dealt with hurricane winds and a disease outbreak. There’s little hope for an orange price reversal anytime soon. U.S. manufacturers usually outsource extra oranges from Brazil, but the South American country is dealing with its own citrus shortage brought on by heavy rains.
3. Peaches
Georgia is the peach state. There is a low harvest this year brought on by bad weather developments. In order to produce flowers and fruit, peach trees need to spend hundreds of hours in a cold environment (less than 45 degrees), but last winter was especially warm in Georgia. Peaches will cost anywhere from 20% to 50% more this year.
4. Olive Oil
Global olive oil prices hit their highest level in 26 years earlier this year, driven by droughts, heatwaves, and water shortages in Spain this season. Spain is the world’s largest olive oil producer. Already, extra virgin olive oil is now selling at a 125% price increase compared to last summer.
5. Chocolate
Chocolate prices have risen by 14% over the past year, with extreme weather patterns and crop disease largely to blame for a particularly poor harvest this season. Many major chocolate producers have already raised prices and new reports suggest prices will only rise from here. The price of wholesale cocoa beans reached its highest price in 13 years
