Special Report

Prices That Spiked the Most Compared to This Time Last Year

Moyo Studio / iStock via Getty Images

Inflation cooled in March according to the recent consumer price index report, though many economists believe the move is not permanent. Based on the March CPI – a measure of the costs of U.S. goods and services – inflation rose 5% from a year ago. The number has been closer to 8% for much of 2022. 

Though inflation seems to be cooling, the price of some items that many Americans use regularly continues to surge. The price of white bread rose 16% year over year. The price of eggs increased by 36%. And the price of food at elementary and secondary schools soared more than any other, jumping nearly 300% compared to March 2022. (Also see, the biggest food price increases in America’s largest cities.)

Looking at the index’s major components reveals that the cost of shelter rose 8.2% year over year, while the price of energy fell 6.4%. 

The drop in energy prices has much to do with oil prices, and oil prices have started to rise again. Despite a Saudi-U.S. pact, several top oil-producing nations of OPEC+, which includes Russia, recently announced production cuts. This will make crude much more scarce in the months ahead and would not only move oil prices up, but also harm the global economy, according to the International Energy Agency. This would increase the odds of recession. (Here are countries with the lowest gas prices in the world at the start of 2023.)

The future of inflationary pressures in the U.S. continues to also hang to a large extent on the plans of the Federal Reserve. Despite the lower inflation figures in March, observers expect the Fed to raise rates again at its next meeting in May. While 5% is better than what inflation has been over the past year, it is still far from the Fed’s target for inflation of 2%. 

The Fed has increased rates nine times, by a cumulative 4.75 basis points, since March 2022 to stem inflation. High interest rates cause the economy to slow down but also run the risk of the economy falling into recession. No one has a crystal ball accurate enough to show whether the Fed will raise interest rates one or two more times this year, especially as Fed officials signaled differing opinions in the last meeting, underscoring how fickle inflation could be.

Is the sharp increase in inflation rates over? As of mid-April, the best indicator is probably the price of oil, which helped fuel the last surge in the CPI.

To determine the household items that are soaring in price, 24/7 Wall St. reviewed the Bureau of Labor Statistics’ Consumer Price Index Summary March report. Prices are compared to March 2023.

Click here to see prices that spiked the most compared to this time last year.

gorodenkoff / Getty Images

40. Frozen noncarbonated juices and drinks
> Price increase, March 2022 to March 2023: +11.1%

[in-text-ad]

Ozgur Coskun / iStock via Getty Images

39. Soups
> Price increase, March 2022 to March 2023: +11.2%

Liudmila Mieniailenko / iStock via Getty Images

38. Rice, pasta, cornmeal
> Price increase, March 2022 to March 2023: +11.2%

Moyo Studio / iStock via Getty Images

37. Nonalcoholic beverages and beverage materials
> Price increase, March 2022 to March 2023: +11.3%

[in-text-ad-2]

Supersmario / iStock via Getty Images

36. Prepared salads
> Price increase, March 2022 to March 2023: +11.5%

Lemon_tm / iStock via Getty Images

35. Carbonated drinks
> Price increase, March 2022 to March 2023: +11.5%

[in-text-ad]

etiennevoss / iStock via Getty Images

34. Canned fruits
> Price increase, March 2022 to March 2023: +11.6%

33. Juices and nonalcoholic drinks
> Price increase, March 2022 to March 2023: +11.7%

LoraLiu / iStock via Getty Images

32. Nonfrozen noncarbonated juices and drinks
> Price increase, March 2022 to March 2023: +11.9%

[in-text-ad-2]

apomares / E+ via Getty Images

31. Outdoor equipment and supplies
> Price increase, March 2022 to March 2023: +12.1%

FangXiaNuo / iStock via Getty Images

30. Miscellaneous household products
> Price increase, March 2022 to March 2023: +12.2%

[in-text-ad]

PeopleImages / iStock via Getty Images

29. Public transportation
> Price increase, March 2022 to March 2023: +12.4%

rez-art / iStock via Getty Images

28. Breakfast cereal
> Price increase, March 2022 to March 2023: +12.5%

Alina Rosanova / iStock via Getty Images

27. Sugar and sugar substitutes
> Price increase, March 2022 to March 2023: +12.7%

[in-text-ad-2]

artisteer / iStock via Getty Images

26. Fresh cakes and cupcakes
> Price increase, March 2022 to March 2023: +13.0%

25. Olives, pickles, relishes
> Price increase, March 2022 to March 2023: +13.1%

[in-text-ad]

Ilya_Starikov / iStock via Getty Images

24. Crackers, bread, and cracker products
> Price increase, March 2022 to March 2023: +13.6%

Nikada / E+ via Getty Images

23. Cereals and bakery products
> Price increase, March 2022 to March 2023: +13.6%

yasuhiroamano / Getty Images

22. Sauces and gravies
> Price increase, March 2022 to March 2023: +13.7%

[in-text-ad-2]

monticelllo / iStock via Getty Images

21. Bread other than white
> Price increase, March 2022 to March 2023: +13.8%

PamelaJoeMcFarlane / iStock via Getty Images

20. Bakery products
> Price increase, March 2022 to March 2023: +13.9%

[in-text-ad]

Mariia Demchenko / iStock via Getty Images

19. Motor oil, coolant, and fluids
> Price increase, March 2022 to March 2023: +14.2%

Chalabala / iStock via Getty Images

18. Pet food
> Price increase, March 2022 to March 2023: +14.4%

lovelyday12 / iStock via Getty Images

17. Motor vehicle insurance
> Price increase, March 2022 to March 2023: +15.0%

[in-text-ad-2]

igorsm8 / iStock via Getty Images

16. Frozen fruits and vegetables
> Price increase, March 2022 to March 2023: +15.1%

Jack Hollingsworth / Photodisc via Getty Images

15. Ice cream and related products
> Price increase, March 2022 to March 2023: +15.3%

[in-text-ad]

AlexPro9500 / iStock via Getty Images

14. Fats and oils
> Price increase, March 2022 to March 2023: +15.9%

aquaArts studio / E+ via Getty Images

13. Food from vending machines and mobile vendors
> Price increase, March 2022 to March 2023: +16.2%

SolStock / E+ via Getty Images

12. Frozen and refrigerated bakery products, pies, tarts, turnovers
> Price increase, March 2022 to March 2023: +16.2%

[in-text-ad-2]

jmalov / iStock via Getty Images

11. Salad dressing
> Price increase, March 2022 to March 2023: +16.4%

4nadia / iStock via Getty Images

10. White bread
> Price increase, March 2022 to March 2023: +16.5%

[in-text-ad]

EasyBuy4u / E+ via Getty Images

9. Cookies
> Price increase, March 2022 to March 2023: +16.6%

Shutter2U / iStock via Getty Images

8. Motor vehicle repair
> Price increase, March 2022 to March 2023: +17.4%

Dean Mitchell / iStock via Getty Images

7. Flour and prepared flour mixes
> Price increase, March 2022 to March 2023: +17.5%

[in-text-ad-2]

6. Airline fares
> Price increase, March 2022 to March 2023: +17.7%

BravissimoS / iStock via Getty Images

5. Frozen vegetables
> Price increase, March 2022 to March 2023: +20.1%

[in-text-ad]

gemredding / Getty Images

4. Margarine
> Price increase, March 2022 to March 2023: +33.4%

Sanny11 / iStock via Getty Images

3. Eggs
> Price increase, March 2022 to March 2023: +36.0%

PIKSEL / iStock via Getty Images

2. Food at employee sites and schools
> Price increase, March 2022 to March 2023: +131.3%

[in-text-ad-2]

usdagov / Flickr

1. Food at elementary and secondary schools
> Price increase, March 2022 to March 2023: +296.3%

Essential Tips for Investing (Sponsored)

A financial advisor can help you understand the advantages and disadvantages of investment properties. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.

Investing in real estate can diversify your portfolio. But expanding your horizons may add additional costs. If you’re an investor looking to minimize expenses, consider checking out online brokerages. They often offer low investment fees, helping you maximize your profit.

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.