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Wednesday, August 10, 2022

Bread causes $10-per-bread sticker shock as inflation rises

According to a report, roti prices are becoming another source of sticker shock for grocery shoppers during a period of decades of high inflation.

The price of artisanal bread and other premium options has jumped to $10 per 2-pound loaf at some grocery stores—for consumers already facing financial headaches like $5-per-gallon of gasoline. Turning a pantry staple into a pain point.

Mark Cohen, director of retail studies at Columbia University, told Bloomberg that the sight of $10 per loaf of prices is “like a punch in the nose” for shoppers. Prices have reached levels no one has seen before.

Consumer price index data released for June shows a jump in prices in the bakery aisle. The price of white bread jumped 10.1% last month compared to the same month a year ago. The price of wheat bread and other substitutes increased by more than 11.6%.

In sheer dollar terms, the price per pound of white bread is $1.69 — its highest on record, according to the Bureau of Labor Statistics.

Bread prices have reached as high as $10 per loaf in some places.
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Bread Prices
The price of white bread broke records in June.
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Rising prices have already prompted some consumers to drop bread from their shopping carts. Bloomberg, citing data from NielsenIQ, reported that unit purchases of bread items are down 2.7% since July 2 this year.

Chicago-based bakery chain La Boulangerie & Company told Bloomberg that it has been forced to hike prices by 10% to make up for higher expenses, bringing a loaf of brioche to $11.50.

“It’s really hard because how much more can you pay for a loaf of bread?” The chain’s owner, Vincent Colombet, told the outlet. “Can you pay $20 for a loaf of bread? No, we’re really stuck between the hammer and the anvil.

Bread Prices
Grocery stores have increased prices to make up for more spending.
AFP via Getty Images

Various factors have contributed to the rise in the prices of bread. The Russian invasion of Ukraine has boosted global wheat exports and caused prices for the key commodity to rise. Prices of key ingredients such as flour, eggs and milk have also gone up over the past year, raising costs for producers.

Overall, grocery prices rose 12.2% last month and were a key input for the June inflation rate of 9.1% – the sharpest increase since 1981.

As The Post reported last week, American households are paying about $500 a month to cover their daily expenses during inflationary hikes.

World Nation News Desk
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