You've probably realized that shopping for food and household basics is more expensive these days. Expect to keep paying more for groceries in 2022, CNN Business reported. Prices shoppers paid for groceries climbed 1% in October from September and were 5.4% higher than at the same time last year, according to data released by the Bureau of Labor Statistics. Overall, prices, which also include things like rent, cars and energy, climbed 6.2% over the last 12 months, the largest increase since 1990. Within grocery, steaks have seen the highest price jump annually, costing 24.9% more in October than they did a year ago. Eggs were 11.6% more expensive in October than a year ago, chicken cost 8.8% more, cereal was 5% more expensive, and baby food prices grew 7.9% annually. Grocery prices stagnated from 2015 through 2019, but have increased during the pandemic. In 2020, grocery prices increased 3.7% from the year prior. Food manufacturers and grocers have faced higher costs for commodities, labor, transportation and other expenses during the pandemic. Those costs have escalated in recent months, leading manufacturers to pass off some of these costs to their retail customers, who in turn have passed on a portion to consumers.
