According to one of the key measures on inflation, the Personal Consumption Expenditure (PCE) price index, the cost of groceries in the US is increasing at a rate not seen in 42 years, Breitbart reports.
The PCE reports that the costs of food has been increasing at an escalating rate since June 2021.
According to the PCE food index, the cost of food was up 6.6% in January 2022 compared to January 2021. This year over year comparison of food costs rose to 8% in February, 9.2% in March and 10% in April.
A month to month comparison revealed that food prices increased by over 1% a month in February and March.
The PCE index does one particular thing that most other inflationary gauges don’t. It factors in people moving to cheaper alternatives, because of increasing prices.
Even with that, for the average American family putting food on the table is costing more each month.