Swelling grocery bills are pummeling the poorest – who spend over a quarter of their incomes on food

PROMO Food - Grocery Shopping Cart Basket - iStock - Sergei Gnatiuk

Average food prices climbed an annualized rate of 10.4% in June, the Bureau of Labor Statistics reported on July 13, 2022. The gains were driven primarily by the cost of groceries, which jumped the most since the 1970s, by 12.2%.