The next time you visit the grocery store, you may experience sticker shock. Prices for some of your favorite foods, including bacon, coffee and oranges, are on the rise.
According to the Bureau of Labor Statistics, retail food prices rose in March by 0.4% from the previous month. There are many factors contributing to the higher prices, including California's drought, which, according to Brad Rippey, meteorologist for the U.S. Department of Agriculture, covers two-thirds of the state.
24/7 Wall St. examined average retail price data from the BLS Consumer Price Index from January 2010 to March 2014 to determine which food prices have risen the most. According to the data, the price of bacon is rising the fastest. It costs $5.55 per pound and has increased by 13% in the last year and by 53% in the last four years.
Ground beef's average price is $4.13 per pound. That's an 8% increase over the last year and a 35% increase over the last four years. Oranges are also seeing a rise in prices with a 23% increase over the last year.
Coffee drinkers may wince after learning the price for a pound of coffee has increased by 31% over the past four years to $5 per pound. And if you're an avid wine drinker, the current price for a liter is $10.75, showing an 8% increase from last year.
Other foods on the list include grapefruit, margarine, turkey, chicken and peanut butter. To view all the rising prices, visit 24/7 WallSt.com.
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