The Labor Department announced Tuesday that U.S. grocery prices jumped 2.6% in April, the largest one-month increase since February 1974.
The spike in supermarket prices impacted a broad range of products, including meat, eggs and vegetables.
- Meats, poultry, fish, and eggs - 4.3%
- Cereals and bakery products - 2.9%
- Fruits and vegetables - 1.5%
- Dairy products - 1.5%
The 2.6% increase in "food at home" costs stand in contrast to a broader trend in U.S. prices, which dropped 0.8% in April — the largest one-month decline since 2008.
"Food price gains were robust as we know there are empty shelves out there," Peter Boockvar, chief investment officer at Bleakley Advisory Group, wrote in an email. "Demand we know in most areas of the economy has collapsed and prices are falling in response."