Inflation continues to eat away (no pun intended) at the food budgets of the average U.S. consumer. The effects are being felt by all manner of businesses, from restauranteurs serving fewer diners in their establishments to many snack and bakery producers moving fewer units than pre-pandemic days.
One sign of times continuing to be tough is the price of a loaf of bread, frequently used by economists as a bellwether of economic hardship. According to the U.S. Bureau of Labor Statistics, the country’s average per-pound price of white bread was $1.55 at the start of 2022. When the year 2023 kicked off, that same pound of bread cost shoppers $1.89—a 22% price increase in just 12 months.