Which grocery store food group saw largest increase in prices in last 12 months: Beef, Fruits/Vegetables or Beverages (non-alcoholic)?
Answer: Beef rose by 14.2% in last 12 months
- Non-alcoholic beverages rose by 5.0%
- Fruits and vegetables rose by 2.3%
- What may be causing beef prices to rise so sharply? (Hint: think supply/demand)
- Do you think that families adjust their food budgets when prices for a specific food group increases so much?
- If you were managing a restaurant that sold hamburgers, what decision would you make regarding the price that you charge customers for your burgers?
Behind the numbers (Bureau of Labor Statistics):
The index for beef increased 14.2 percent over the last 12 months, contributing to an 8.4-percent increase in the index for meats, poultry, fish, and eggs. The remaining groups rose more modestly, with increases ranging from 2.3 percent (fruits and vegetables) to 5.0 percent (nonalcoholic beverages).
Looking for a fun budgeting activity to use virtually? Check out this Compare: Wants vs. Needs activity that has been adapted for virtual instruction.
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About the Author
Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.
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