Food Prices Keep Climbing: Why Your Grocery Bill Still Hurts [Video]

Grocery prices have surged significantly since the onset of the COVID-19 pandemic, both in the United States and abroad. Food consumed at home — everything from bread and meat to fruit and dairy — rose by an average of 21.7% between February 2020 and fall 2024, according to an analysis by University of Michigan economist Don Grimes, who specializes in consumer trends.

The impact of inflation wasn’t confined to grocery stores. Dining out became even more expensive, with prices at sit-down restaurants, fast-casual chains, and fast-food outlets increasing by 28.5% during the same period. Meanwhile, wages struggled to keep up. The average weekly compensation for private-sector workers rose just 24.2% in four years, and many workers reported receiving minimal or no raises at all.

By contrast, the price of alcoholic beverages rose at a slower pace. Drinks consumed at home increased by 11.1%, while those served in bars and restaurants …