April grocery store prices made highest jump in more than 40 years

Grocery store prices saw the highest month-to-month jump in more than 40 years as waves of Americans stocked up on provisions and hunkered down in April.

The Labor Department released its monthly consumer price report on Tuesday, and the data revealed a 2.6% spike in supermarket prices last month led by higher costs for meat and eggs.

Americans paid 4.3% more for meats, poultry, fish and eggs, the report said, while egg prices alone spiked 16.1%. Fruits and vegetable prices ticked up 1.5%. Breakfast cereal and bakery products were 2.9% more expensive in April.

The higher prices on supermarket goods comes in the wake of increased demand, supply chain disruptions and factory shutdowns due to the COVID-19 crisis, which was declared a pandemic two months ago.

A shopper examines cuts of meat at a grocery store.

While grocery stores increased prices last month, overall consumer prices dropped 0.8% in April, mostly brought down by plunging oil prices.

The demand for oil and gasoline has dropped sharply around the globe in the age of coronavirus. Shelter-in-place orders has cut down on the amount of driving and curbed the number of planes in the air relying on fuel.

source article: https://www.usatoday.com/story/money/2020/05/13/grocery-store-prices-mark-biggest-increase-over-40-years/5181908002/?utm_source=feedblitz&utm_medium=FeedBlitzRss&utm_campaign=usatodaycommoney-topstories