The Real Deal: Americans may find some relief from inflation, but food prices remain elevated

In New Jersey, food prices, like cereal and bakery products, are up 13%.

News 12 Staff

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Apr 21, 2023, 10:45 AM

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Updated 552 days ago

The rate of inflation may be slowing down, but families in New Jersey know that prices remain high around the country.

In the Garden State, food prices like cereal and bakery products are up 13%, dairy products are up 10%, and dining out/restaurant food is up 8.5%. And renters are still feeling it as rent is up 6%.

"Households have been dealing with these high prices for a while and are dealing with it a little bit better than over the past several months," said Caleb Silver from Investopedia.

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"About a third of households, according to the Census Bureau household survey, said they're having trouble paying those week-to-week expenses. That sounds high, but that is lower than it's been in about 5 or 6 months,” he said.

The consumer price index in the Newark/Jersey City area was down just 0.1% last month, due to lower energy prices which have spiked up since then. Over the last 12 months, the consumer price index went up 4.5%, according to the Department of Labor.