ORLANDO, Fla. — Food prices have increased 10.4% in the past year, according to the U.S. Labor Department.
What You Need To Know
- Year-to-year food price index increase is highest since February 1981, according to U.S. Labor Department
- Food prices are up 10.4% from June 2021 to June 2022
- Stasio’s Italian Deli & Market is keeping rising costs from customers while they can
The Consumer Price Index Summary released Wednesday states the food index increase from June 2021 to June 2022 is the largest 12-month increase since February 1981.
Stasio’s Italian Deli & Market in Orlando has been absorbing the heightened costs from their vendors to avoid raising their own prices, according to co-owner Louie Palo.
“Our customers are valuable to us and we’ve grown our name over that quality and quantity, so we keep that,” he said.
Palo estimates the profit margins of his family run market are down around 30-40%.
“I used to pay in the mid-$50 range for a 40-pound case of chicken, and chicken’s been $150 plus for the past month and a half,” Palo said.
The U.S. Department of Agriculture predicts meat, poultry and fish prices will increase 8.5-9.5% this year.