The Price of This Household Item Is Soaring

By Douglas A. McIntyre Published Oct 18, 2:53PM EDT

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The Price of This Household Item Is Soaring — © AMR Image / E+ via Getty Images

As the Bureau of Labor Statistics released the Consumer Prices Index for September, all news headlines read about the same. Inflation has not tapered off, as some economists said it would as the U.S. adjusted to the post-pandemic world. There are still enough jobs open, some argued that a loose labor market would not drive up wages. A booming economy would increase production of the items most Americans need for day to day life. Supply of these would be abundant, and Inflation would last a quarter or so, but not more.

There were prominent economists who argued otherwise. Former Treasury Secretary Lawrence Summers, who is a well regarded economist, said the assumption inflation could be tamed was false. Government spending to help build jobs after the 2020 recession and more proposed by the Biden Administration would fund a surge in consumer spending. Troubled supply chains would mean many goods would be in low supply. The formula for sharp inflation is already in place, Summers argued.

The September CPI supported the alarms of people who believe in Summers’ view. What consumers pay for goods and services rose 5.4% on an unadjusted basis compared to September 2020. And, for some Americans, the numbers were worse.

Take the basics that most people pay money for each month. In September, the price of beef steak rose 22% from the same month last year. The prices of several other types of meat rose by 12% to 19%. Apples rose over 7% as did chicken. Other notable increases were juices and non-alcoholic drinks up 3.9%

What are the negative effects of this inflation? In two words, “consumer spending” While wages for most Americans have risen in the last year, they have rarely risen by 8% or 9%. Consumer spending could be undermined as the prices of things people use regularly run higher than what they make. The worry is this will trigger a much slower economy.

Click here to see the household items with prices that are soaring

Ham (CC BY-SA 2.0) by Steven Lilley

25. Ham
> Price increase, Sept. 2020-Sept. 2021: +7.0%

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24. Crackers, bread, and cracker products
> Price increase, Sept. 2020-Sept. 2021: +7.1%

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fish (CC BY 2.0) by Anselm Hook

23. Fish and seafood
> Price increase, Sept. 2020-Sept. 2021: +7.1%

22. Fresh whole chicken
> Price increase, Sept. 2020-Sept. 2021: +7.2%

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21. Salad dressing
> Price increase, Sept. 2020-Sept. 2021: +7.2%

20. Chicken
> Price increase, Sept. 2020-Sept. 2021: +7.6%

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19. Ham, excluding canned
> Price increase, Sept. 2020-Sept. 2021: +7.7%

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18. Apples
> Price increase, Sept. 2020-Sept. 2021: +7.8%

17. Breakfast sausage and related products
> Price increase, Sept. 2020-Sept. 2021: +7.9%

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16. Fresh and frozen chicken parts
> Price increase, Sept. 2020-Sept. 2021: +8.1%

15. Meats, poultry, and fish
> Price increase, Sept. 2020-Sept. 2021: +10.4%

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14. Meats, poultry, fish, and eggs
> Price increase, Sept. 2020-Sept. 2021: +10.5%

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13. Other fats and oils including peanut butter
> Price increase, Sept. 2020-Sept. 2021: +10.7%

12. Fresh fish and seafood
> Price increase, Sept. 2020-Sept. 2021: +10.7%

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11. Uncooked ground beef
> Price increase, Sept. 2020-Sept. 2021: +10.8%

10. Eggs
> Price increase, Sept. 2020-Sept. 2021: +12.6%

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9. Meats
> Price increase, Sept. 2020-Sept. 2021: +12.6%

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8. Pork
> Price increase, Sept. 2020-Sept. 2021: +12.7%

7. Bacon, breakfast sausage, and related products
> Price increase, Sept. 2020-Sept. 2021: +14.6%

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6. Beef and veal
> Price increase, Sept. 2020-Sept. 2021: +17.6%

5. Other pork including roasts, steaks, and ribs
> Price increase, Sept. 2020-Sept. 2021: +19.2%

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4. Bacon and related products
> Price increase, Sept. 2020-Sept. 2021: +19.3%

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3. Uncooked other beef and veal
> Price increase, Sept. 2020-Sept. 2021: +20.6%

2. Uncooked beef roasts
> Price increase, Sept. 2020-Sept. 2021: +20.8%

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1. Uncooked beef steaks
> Price increase, Sept. 2020-Sept. 2021: +22.1%

About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.