TRENTON, NJ – Inflation is being reigned in and food prices are coming down. That’s what we’re told each time the Biden administration talks about food prices here in New Jersey, but if you’ve been food shopping in the past few weeks in New Jersey, you know this is not true.
Over the past few weeks, the prices of eggs, meat, milk, and other essentials skyrocketed once again and there doesn’t seem to be an end in sight.
In New Jersey, as part of the larger Northeast and New York-Newark-Jersey City areas, there has indeed been a noticeable increase in grocery prices in early 2024. According to the U.S. Bureau of Labor Statistics, the Consumer Price Index (CPI) for the Northeast region saw a 0.6% increase in January 2024, with a 2.5% rise over the past year.
This increase is attributed to a rise in various sectors, including a significant 0.8% rise in the food index within just a month. Specifically, the prices for fruits and vegetables rose by 1.5%, and meats, poultry, fish, and eggs saw a 1.3% increase, marking the largest increase since May 2022. Additionally, nonalcoholic beverages and beverage materials experienced a 1.6% price hike, led by higher prices for carbonated drinks.
In the New York-Newark-Jersey City area, which includes parts of New Jersey, the CPI-U advanced 1.0% in January, with an overall annual increase of 3.1%. Food prices in this area rose by 2.3% from January 2023 to January 2024, with grocery food prices up by 0.7%. Notably, nonalcoholic beverages and beverage materials led the price increases in the grocery categories, highlighting a trend towards higher food and beverage costs.
According to the USBL CPI, the food index increased 0.4 percent in January, as the food at home index increased 0.4 percent and the food away from home index rose 0.5 percent over the month. In contrast, the energy index fell 0.9 percent over the month due in large part to the decline in the gasoline index.
Gas prices and fuel prices are down too.
These statistics suggest that inflation is affecting grocery prices in New Jersey and the surrounding areas, with notable increases in essential categories such as meats, poultry, fish, eggs, fruits, vegetables, and nonalcoholic beverages. The upward trend in prices reflects broader inflationary pressures in the region, impacting the cost of living for residents.