From News Nation:
“High inflation: Products that
had significant price spikes in April”
The Labor Department announced on
Wednesday that inflation slightly ooled, rising by 0.3 percent in April, for
an annual rate of 8.3 percent. But while inflation has fallen slightly after
reaching rates not seen in decades, prices of some products and services for
consumers still rose sharply in the last month. For example, a baby formula shortage across
the country has made headlines as several major retailers have rationed how
many formula products customers can buy online and in stores. Now the price of
baby food is up 3 percent from March to April and up 13 percent in the last 12
months, according to data from the U.S. Bureau of Labor and Statistics consumer
price index. But other services and products have seen notable price increases
in the last month as well. Here are some
of the products and services that had significant price spikes in April.
Airline fares Airline fares spiked by 18.6 percent
between March and April of this year. Those prices are up 33.3 percent over the
last 12 months, according to the data on the consumer price index from the U.S.
Bureau of Labor and Statistics. The
uptick in flight costs as Americans return to travel that had dropped off amid
the coronavirus pandemic came after President Biden placed a ban on Russian
oil, natural gas and coal imports in March in response to Russian President
Vladimir Putin’s invasion of Ukraine. Ahead of a busy summer travel season,
flight prices have surged as airlines have said they are increasing ticket
prices in an effort to combat rising fuel costs.
Eggs The price of eggs
jumped by over 10 percent from March to April and has increased by 22.6 percent
in the past 12 months. A Midwest
Regional Egg report from the U.S. Department of Agriculture (USDA) said that
most cartons of a dozen medium eggs cost on average around $2.58. Earlier this year, egg prices surpassed $3
per dozen for the second time in history. Experts have attributed the spiking costs
of the staple kitchen item to an avian flu outbreak that has impacted millions
of birds.
Butter and margarine Prices for butter and margarine were also
up in April by 4.7 percent since the prior month and 19.2 percent in the last
12 months. The USDA said that
troubles with staffing due to COVID-19 cases meant some butter plants had to
forgo some production runs. That coupled with “slow growth in milk production
as cow numbers fell, led to declining butter supplies” contributed to
increasing prices, according to the agency’s outlook for U.S. dairy published
in February.
Chicken Poultry prices in general were up over the
last month and the last year, especially for the price of chicken which rose by
3.5 percent in April and 16.4 percent over the last 12 months. Meanwhile,
while seafood prices did not see a spike between March and April, those prices
have risen by 11.9 percent in the last 12 months.
Apparel Overall apparel
prices were down slightly by 0.8 percent in April despite being up 5.4 percent
in the year. But for men’s suits, sport coats and outerwear, price
increases were more significant, spiking 6.6 percent in April and 21.7 percent
in the last year. Those increases
come as retailers and clothing brands attempt to recover from a major pause in
profits amid the COVID-19 pandemic, which effectively shuttered stores for
months.
^ Inflation continues to hurt
every person and I don’t see it easing anytime soon. ^
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