Why are grocery prices high?
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Grocery prices overall have risen during the past year, but some prices have risen comparatively steeply while others have risen more slowly or even dropped. How these changes affect your wallet all comes down to what’s in your cart and how inflation impacts grocery aisles in unique ways.
- From September 2023 to September 2024, grocery prices rose by 1.3%. This was smaller than the 2.4% rise for commodities such as gas, utilities, and clothing. It was also below the Federal Reserve’s 2% inflation target.
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- When it comes to specific staples, egg prices increased the most, rising from $2.06 to $3.82 per dozen over the year. One of the biggest causes of this 85% increase? An avian flu outbreak.
- Staples such as beef and tomatoes also increased more than the 1.3% average. Beef prices went up by 11%, tomato prices by 5%, and chicken prices by 4.1%. However, bananas, cheese, and potatoes were cheaper, with potatoes down 3.6%, cheese down 2%, and bananas down 0.2%.
- Several factors affect food prices, including supply chain challenges (think COVID-19 and global events like the war in Ukraine), inflation, higher labor and transportation costs, animal disease (such as the avian flu, which affects eggs and chicken), and weather that damages crops and livestock.
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Tracking federal deficits — and the rare surplus
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The federal fiscal year 2024 ended September 30 with at least a $1.8 trillion deficit. With federal spending outpacing revenue, the deficit spotlights ongoing debates over government fiscal health. |
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- The FY 2023 federal deficit was $1.7 trillion, marking a gap between spending and revenue. This shortfall is funded by borrowing through bonds and other securities, which adds to the national debt.
- Economic downturns often lead to periods of high spending, which can lead to high deficits. The Great Recession led to a $458.6 billion deficit in 2008 but a $1.4 trillion deficit in 2009. Likewise, the deficit was $983.6 billion in 2019 but $3.1 trillion in 2020, the first year of the pandemic. This deficit, which included stimulus payments and small business support, remains one of the largest.
- Historical data reveals how rare it’s been for the nation to have a surplus: the government has only done this in 12 years since 1933. The last time was in 2001.
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Most states tend to vote consistently for the presidential candidates of one party or the other. From 1988 to 2020, 43 states voted for the same party seven times or more. Twenty of those states, plus Washington, DC, voted for the same party in all nine elections. See the complete list of states in this article. |
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