On Wednesday, the Labor Department reported an annual leap of 9.4 percent in food prices as of April, representing the most significant 12-month increase since 1981.
Republicans jumped on the latest inflation data to sharpen their assaults against President Biden, whom they blame for inflation across the consumer spectrum.
Wednesday’s numbers are “more bad news for workers and local businesses,” Rep. Kevin Brady (R-Texas), the ranking member of the chief tax-writing committee in the House, announced in a statement.
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“April was another month of raging Bidenflation – punishing price hikes, core inflation worsening and paychecks shrinking. If the President claims inflation has peaked, someone ought to remind him that’s what he claimed last year and was horribly wrong,” he continued.
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Democrats, in the meantime, pointed out that inflation is not only a problem for America but is affecting countries the world over.
“Obviously no one likes the rising prices, and this is a global phenomenon,” Sen. Gary Peters (D-Mich.) announced in an interview. “We’re seeing inflation just all over the globe, a big impact of the conflict in Russia, particularly in food with Ukraine not able to export their grain.”
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“We’ve got to work on ways to increase food production here in the United States,” he continued.
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The price of meats, poultry, fish, and eggs skyrocketed by 14.3 percent over the last year, the largest annual increase since May 1979. While the price of fruits and vegetables declined in April, falling 0.3 percent from March, the Labor Department announced they were still up 7.8 percent.
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Broken down by sector, the index for food prepared at home, which is often more relevant to lower-income households, was up 10.8 percent annually, while the price of restaurant food jumped 7.8 percent.
The spike in food prices is only one component of broader U.S. consumer inflation, as measured by the consumer price index, which was up 8.3 percent on the year, according to the latest report from the Labor Department.
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The April numbers are a slight improvement over the numbers for March, though still surpassing Wall Street’s expectations of 8.1 percent and cemented the notion that inflation, at least in the short term, is here to stay.
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Globally, the United Nations Food and Agriculture Organization reported last week that food prices had jumped almost 30 percent since last year.
At a Senate Appropriations Committee hearing Wednesday on global food security and the COVID-19 pandemic, Sen. Chris Coons (D-Del.) said the international community is now facing “one of the worst food crises in the world in decades, certainly in the lifetime of any of us,” with significant domestic implications.
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