GREENSBORO, N.C. — Have you noticed how much prices are going up at the grocery store? No matter what aisle you're in, it seems like sticker shock is all around. According to Nielsen IQ since last year a loaf of bread is up 12 cents. A pack of bacon is up 44 cents. A pound of ground beef has gone up 48 cents.
Look, these prices might not be a huge increase by themselves, but when you add them all up, they make a difference. In fact, the average US household is spending about $22 more a month on groceries now than it did last year.
Top Republicans on Capitol Hill said this is one more sign of President Joe Biden's policies causing inflation.
"Inflation is taxation. It is a tax on every American family and it is a result of Democrat policies," said House Republican Conference Chair Elise Stefanik. "And how are Democrats addressing these issues? By trying to ram through a partisan $3.5 trillion budget written by Bernie Sanders that will raise taxes on the middle class and further increase inflation."
The President said not so fast. He argues there's a whole host of factors behind prices going up. Things like worker shortages, increased demand and issues with importing goods from other countries are still because of coronavirus restrictions in other parts of the world. Biden said don't worry. Prices should go back down once all of that is worked out.
"The vast majority of the experts, including Wall Street, are suggesting that it's highly unlikely that it's going to be long-term inflation that's going to get out of hand," Biden said. "There will be near-term inflation because everything is now trying to be picked back up."
No matter what's causing the rise in prices, we all want a solution. The Federal Reserve announced Monday they will meet this week to decide if interest rates should be raised as an attempt to control inflation. We'll keep you posted on what they decide.