Average wholesale food prices jumped 8.2 percent in May

After remaining generally contained to start the year, wholesale food prices rose sharply in May, according to preliminary data from the Bureau of Labor Statistics. The Producer Price Index for All Foods – which represents the change in average prices paid to domestic producers for their output – soared 8.2 percent in May.

This represented the second-largest monthly rise on record – ranking only behind the 9.2 percent increase in August 1973.

The dramatic May increase was driven largely by soaring meat prices: beef and veal prices jumped 74 percent; pork prices rose 20 percent; and chicken prices were up 16 percent.

Track more economic indicators and read more analysis and commentary from the Association's chief economist Bruce Grindy.