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U.S Grocery Prices Have Skyrocketed By Largest Percentage in 46 Years

CNBC reported that the prices Americans paid for eggs, meat, cereal, and milk spiked in April as people rushed to grocery stores to stockpile food during the government shutdowns enacted to contain the spread of the Wuhan virus.

On May 12, 2020, the Labor Department reported that the prices paid for groceries spiked by 2.6 percent in April, the largest one-month increase since February 1974. The recent increase in supermarket prices was broad based and affected items from broccoli and ham to oatmeal and tuna.

The price of the meats, poultry, fish and eggs category surged 4.3%, fruits and vegetables swelled 1.5%, cereals and bakery products grew 2.9%, and dairy goods expanded 1.5%.

On the other hand, broader trends in U.S. prices show a 0.8% decrease in prices in April, which represented the largest one-month decrease since 2008 as a decline in oil and gasoline pulled the CPI number down.

Read the full story from Big League Politics

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