Food Prices Continued to Surge in July - Defying 0.0% CPI — Mulholland & Kuperstock Asset Management

The overall consumer price index (CPI) did not increase from June to July. Overall, costs are still 8.5% higher than a year ago, but for the month of July, consumers got somewhat of a welcome reprieve as costs did not rise for the month. Falling gasoline prices offset increasing costs elsewhere in the consumption basket.

One of the areas that did increase in cost was food. In fact, food prices hit their highest growth rate in 43 years by a rate of 10.9%. According to Bank of America, the highest rate of food price increases in the five years pre-pandemic was 2.1%. Over the past 12 months, eggs increased in price by 38%, butter by 26%, and milk by 16%.

The New York Time ran an insightful feature about how these rising food prices are filtering into restaurant bills. They detailed how staff shortages are amplifying food prices so that restaurant bills are increasing by even more.

Even natural gas price increases (+85%) are filtering through to a higher restaurant bill.

For our suffering blog readers, here’s a great and easy recipe you can make at home!

Baked Salmon over Quinoa and Cannellini Bean Salad

Salmon

Pre-heat the oven to 425
Cover the salmon in olive oil
Pour your choice of spice mix over the olive oil: salt, pepper, garlic powder, and curry powder worked great for me. Pike Place Rub or any pre-made fish rub would also be great.
Check at 12 minutes for flakiness with a fork

Quinoa and Cannellini Bean Salad (Courtesy of Plenty More by Yotam Ottolenghi)

Bring a saucepan of water to a boil. Add 2/3 cup red quinoa and simmer for 11 minutes. Drain, refresh under cold water. Set aside to dry completely. Transfer the cooked quinoa to a large bowl. Add 2/3 cup flat-leaf parsley, 2/3 cup mint leaves, 3 to 4 thinly sliced green onions (green and white parts), 1 and 1/3 drained and rinsed canned cannellini beans, ½ large lemon flesh finely chopped (skin and seeds removed), ½ teaspoon allspice, ¼ cup olive oil, and salt and pepper to taste.

In the time it would take you to drive to a restaurant, and for a third of the price, you’ll have dinner on the table for the family. And most likely leftovers. Beat inflation and live well. Enjoy.