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Food Prices in US Surge Most Since 1979, Keeping Cost of Living High

  • Cereal, soups among categories with record annual increases
  • Surge in food prices offsets relief from lower energy costs
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US Inflation Cools More Than Forecast as Gasoline Price Drops

Food prices in the US soared in July, keeping the cost of living painfully high even as lower gasoline costs offered some relief to consumers. 

Overall food prices climbed 10.9% from a year earlier, the biggest increase since 1979, according to data published by the Labor Department on Wednesday. Several essentials like cereal and certain dairy products posted record year-over-year rises.