Groceries are one of those expenses in a budget that can vary widely from household to household. Some people spend as little as $100 a month for one person, while according to the USDA’s Cost of Food report, a liberal plan for a family of four can cost up to $1,100 a month!
From 2005 to 2015, food prices increased 31.5%, faster than general inflation over that period, as measured by the Consumer Price Index (CPI) and according to the Bureau of Labor Statistics.
Here are 5 foods that went up the most between 2005 and 2015, plus some ways you can cut down on your grocery bill.
5 foods that are driving up your grocery costs the most
Prices for eggs went up dramatically between 2005 and 2015 — about 110%! Prices dropped off in August 2015 after after an avian flu outbreak forced farmers to kill millions of egg-laying chickens.
Luckily according to the USDA, eggs are supposed to drop in price slightly this year, between 1.5% and .5%.
2. Beef and veal
Between 2005 and 2015, beef and veal went up 56%! Between 2014 and 2015, the price of beef and veal went up 7.2%, averaging an increase of 7% over the past three years according to the USDA.
Lucky for us, in 2016, the price is supposed to stay constant, or might drop about 1%.
3. Butter and margarine
Butter and margarine went up about 47% over the last 10 years. Since the recession, many dairy farmers have gone out of business due to droughts in California and low milk prices. But America consumes almost 6 pounds of butter each year, an increase of 1 pound over 2010. As availability for butter has decreased though, demand for margarine has increased.
The price of bread increase nearly 43%. Flooding and droughts are seen as responsible for the increase in prices for wheat and flour. According to the USDA, cereal and bakery products are projected to increase between 1% and 2% this year.
5. Fish and seafood
Fish and seafood also have not been immune to the laws of supply and demand. Certain fish species have faced increased demand especially from China, specifically tilapia, salmon and many kinds of shellfish, according to the USDA. Rising costs of feed have added to the decline of tuna and shrimp.
Fish and seafood are supposed to increase in price this year, between 2.5% and 3.5%.
For 2016 cost projections from the USDA, visit the USDA’s Food Price Outlook website here.
How to save more on groceries
In spite of these increases in the cost of certain foods, here are some resources that can help you save the most on your grocery bills!
- 15 ways to cut your grocery spending in half
- Many ways to save money on grocery shopping
- Aldi can shave 33% off your grocery bill
- 11 apps that will cut your grocery bills in half