Grocery prices continue to soar thanks to inflation

Inflation sends grocery prices soaring

Supermarket shoppers are seeing a surge in prices driven by inflation without any relief in sight.

NEW YORK - Inflation continues to take a bite out of Americans' wallets at the supermarket, as prices continue to surge with little relief in sight.

Grocery prices climbed 13.5% in August from the year before - the highest annual increase since 1979 according to statistics.

Prices for certain grocery store items have shot up significantly since last year according to reports from the Bureau of Labor and Statistics. Candy is up 13.1%, cereals more than 16%, flour over 24%, and eggs, butter, and margarine each more than 30%.

A bird flu epidemic has also resulted in a 73% increase in the price of turkey at the supermarket, according to the U.S. Department of Agriculture.

Economist Dr. Martin Cantor says there is no immediate sign of improvement. He blames high prices on the trickle-down effect: the high cost of fertilizer for farmed food and the cost of transportation to get those foods to the dinner table.

"Thanksgiving and holiday dinners will cost at least 10-15% more than last year just due to inflation," he said. "The reality is you’re going to be able to get the product but because the demand is high and supply isn’t meeting it, the costs will be higher for what you buy."

Other sometimes hard-to-find items with high ticket prices include: beer due to a carbon dioxide shortage, the cost of ketchup after a drought in California’s tomato crop, and staples like flour, pasta, and bread are costing more because of the war in Ukraine.

Tips for saving according to the experts - plan your meals, buy produce that’s in season and shop the sales.

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