The latest government inflation data showed that price pressures remained shockingly high in certain categories, with egg prices up over 70 percent in annualized terms while many food categories were up by double digits.
While the overall pace of annual inflation in the United States came in at 6.4 percent in January, according to the Bureau of Labor Statistics (BLS), the rate of inflation in some categories—especially food—was stubbornly high.
Prices of food at grocery stores rose 11.3 percent year-over-year while food in the “away from home” category like restaurants rose by 8.2 percent.
Egg prices soared by 70.1 percent year-over-year, the report showed, while margarine was up 44.7 percent, bread rose 14.9 percent, and ham was up 7.2 percent….