Although the overall Consumer Price Index dropped by 0.2 percent in August, the price index for food rose 0.2 percent, with the average price for a pound of ground beef rising to $4.013 per pound–the first time it has ever topped $4 per pound.
In July, according to the Bureau of Labor Statistics, the average price for a pound of ground beef had been $3.884 per pound—which was the record price up to that point. From July to August, the average price jumped 12.9 cents, an increase of 3.3 percent in one month.
A year ago, in August 2013, the average price for a pound of ground beef was $3.454 per pound. Since then, it has climbed 55.9 cents–or about 16.2 percent.
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