High inflation: products that saw significant price spikes in April

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The Labor Department announced on Wednesday that inflation had slowed slightly, rising 0.3% in April, for an annual rate of 8.3%.

But while inflation has eased slightly from levels not seen in decades, prices for some consumer goods and services have risen sharply again in the past month.

For example, an infant formula shortage across the country has grabbed headlines as several major retailers have rationed the number of infant formulas customers can buy online and in-store. Today, the price of baby food rose 3% from March to April and 13% over the past 12 months, according to data from the Consumer Price Index from the States Bureau of Labor and Statistics. -United.

But other services and products have also seen notable price increases over the past month.

Here are some of the products and services that saw significant price spikes in April.

Airline fares

Airline fares increased by 18.6% between March and April this year. Those prices have risen 33.3% over the past 12 months, according to Consumer Price Index data from the US Bureau of Labor and Statistics.

Rising flight costs as Americans resume travel that had plummeted amid the coronavirus pandemic came after President Biden banned Russian imports of oil, natural gas and coal in March in response to the invasion of Ukraine by Russian President Vladimir Putin.

Ahead of a busy summer travel season, flight prices jumped as airlines said they were raising ticket prices in a bid to tackle rising fuel costs.

Eggs

The price of eggs jumped more than 10% from March to April and has risen 22.6% over the past 12 months.

A Midwest Regional Egg Report from the United States Department of Agriculture (USDA) indicates that most cartons of a dozen medium eggs average about $2.58.

Earlier this year, the price of eggs topped $3 per dozen for the second time in history.

Experts have attributed the spike in the cost of the basic kitchen item to an outbreak of bird flu which has affected millions of birds.

Butter and margarine

Butter and margarine prices also rose in April by 4.7% from the previous month and 19.2% over the past 12 months.

The USDA said “staffing issues due to covid cases meant some butter factories had to forgo some production.” That, coupled with “slow growth in milk production as cow numbers dwindled, has led to a decline in butter supply,” contributing to higher prices, according to the agency’s outlook for US Dairy Products published in February.

Chicken

Poultry prices in general have increased over the past month and year, especially for the price of chicken which has risen 3.5% in April and 16.4% in the past 12 months .

Meanwhile, while seafood prices did not peak between March and April, these prices have risen 11.9% over the past 12 months.

Clothes

Overall clothing prices edged down 0.8% in April despite rising 5.4% for the year.

But for men’s suits, sports coats and outerwear, price increases were larger, reaching 6.6% in April and 21.7% last year.

The increases come as retailers and apparel brands try to recover from a major break in profits amid the COVID-19 pandemic that effectively closed stores for months.


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