U.S. food prices jumped by 2.4 percent in March 2010 in the largest monthly leap in more than 26 years, and the sixth consecutive monthly increase.
The National Inflation Association (nia) issued an alert to its members April 22 warning that the sharp upswing in U.S. food inflation will soon lead to a situation as severe as that currently plaguing India.
Here are some of the most startling year-over-year price increases in the U.S. markets:
Fresh and dry vegetables up 56.1 percent
Fresh fruits and melons up 28.8 percent
Eggs for fresh use up 33.6 percent
Beef and veal up 10.7 percent
Dairy products up 9.7 percent
In the alert, the nia reminded its members that it has long predicted food sector inflation, but admitted having “never anticipated that it would spiral so far out of control this quickly.”
The rising prices, alongside pandemic unemployment, have nudged tides of Americans onto the food stamp program. After the 14th consecutive monthly increase, 39.4 million Americans are now enrolled in the program. This figure is up 22.4 percent from one year ago, and the U.S. government is now paying out more to Americans in entitlement programs than it collects in taxes.
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