Grocery prices rose 3.6% for the year, higher than the overall 3.2% increase of consumer prices, per CNN.
Food altogether, including menu prices, went up 4.9%.
— unusual_whales (@unusual_whales) August 15, 2023
Food and Gas Prices Continue to Rise, Putting Strain on Americans’ Budgets
Gas prices have risen significantly in recent weeks, according to pricing data from AAA. Gas prices hit a record high earlier in the Biden administration, surpassing an average of $5 per gallon nationally, before dropping back down.
Now they are rising again, currently at $3.85 per gallon of regular gas, up from $3.82 a week ago and $3.57 a month ago. In the last month, diesel prices have risen from $3.86 per gallon to $4.13 per gallon.
Food prices have risen as well. The U.S. Bureau of Labor Statistics last week released its Consumer Price Index and Producer Price Index, two key markers of inflation that showed prices rose less than half a percentage point last month.
The warning signs were everywhere 2 years ago. The Fed intentionally made the problem worse.pic.twitter.com/u7Gjf2mRiL https://t.co/pjbFCMh5Ub
— Financelot (@FinanceLancelot) August 15, 2023
The percentage of credit card debt more than 30 days past due is up for 6 straight quarters.
Delinquency rates have nearly doubled since their recent lows and now stand at their highest since 2020.
All as credit card debt crossed $1 trillion for the first time in history.… pic.twitter.com/zTHWTlfDww
— The Kobeissi Letter (@KobeissiLetter) August 15, 2023