Food Prices Soar to Record Highs: America’s Cost-of-Living Crisis Deepens

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Food prices in the U.S. have just hit a staggering all-time high, fueling an already out-of-control cost-of-living crisis. Over the last decade, the price of food at home has surged by 30%, while the cost of dining out has skyrocketed by an eye-popping 51%. Since 2020, these increases have accelerated, with grocery prices up 22% and restaurant bills climbing by 27%.

But the pain doesn’t stop at the checkout aisle. Transportation and housing costs have both jumped by 27% and 24%, respectively, leaving everyday Americans stretched thin. To make matters worse, the U.S. dollar has lost nearly 25% of its purchasing power in just four short years, all while wage growth has slowed to a crawl. Basic necessities—once taken for granted—are now slipping out of reach for millions.

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The housing market offers no refuge either. In June, the typical homebuyer’s down payment hit 18.6% of the purchase price, the highest level in over a decade, up sharply from 15% just a year earlier. It’s no wonder that affordability is collapsing as families struggle to secure even the basics.

In this environment, central banks are scrambling to protect themselves, with gold demand hitting record levels in the first half of the year. As inflation tightens its grip and the economy teeters, many are left asking: How much further can this go before something gives?

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https://www.usinflationcalculator.com/inflation/food-inflation-in-the-united-states/