Food prices in the United States shot up in May at their fastest annual pace in 42 years, according to new government data, with some food producers warning American households to brace for more inflationary pain ahead as some input costs have yet to be reflected in grocery store prices.
The food component of the Personal Consumption Expenditures (PCE) price index, released on June 30 by the Commerce Department (pdf), showed food prices vaulting at an annual 11.0 percent in May, the highest reading since 1980.
The multi-decade high reading marks the 11th consecutive month that food prices have climbed in the United States. It’s also double the 5.5 percent pace of food price inflation notched just last November….