Inflation eating into incomes as basics rise

Food prices lead the charge in US, with 11.4% gain, in further jolt to consumers

US consumers may be getting more miles out of a gallon of gasoline but they're also paying much more to put food on the table, a report released on Tuesday shows.

Food prices surged 11.4 percent in August over the same month in 2021, the largest 12-month increase in the United States since May 1979, according to the Labor Department's consumer price index report. Last month, food prices rose 0.8 percent, with the cost of food consumed at home climbing 0.7 percent.

Though consumers got some relief from a 10.6 percent decline in gasoline prices from a record above $5 a gallon in June, to $3.71 currently, they also are paying more for rent, healthcare, electricity and natural gas.