NYC's bacon, egg and cheese hit by inflation
Bodegas have reported raising prices
The bacon, egg and cheese, a New York City staple, is reportedly being impacted by inflation.
Bodega owners have been forced to raise prices for the breakfast sandwich amid the COVID-19 pandemic and Russia's invasion of Ukraine.
One owner told The Associated Press that the cost of his bacon, egg and cheese had risen by $2, from $2.50 to $4.50.
Other products there, including potato chips and sugar, had also been priced up.
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People walk in and out of a bodega in the Bronx, Friday, July 22, 2022. (AP Photo/Seth Wenig / AP Newsroom)
The consumer price index rose 9.1% in June from a year ago, according to data from the Labor Department. On a monthly basis, prices jumped 1.3% from May.
Those figures were both far higher than the 8.8% headline figure and 1% monthly gain forecast by Refinitiv economists.
Hector Perez puts the final touches on a bacon, egg and cheese sandwich at a bodega in the Bronx, Friday, July 22, 2022. (AP Photo/Seth Wenig / AP Newsroom)
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Later that same month, Federal Reserve Chairman Jerome Powell said it was imperative for the global financial system for consumer prices to stabilize.
"My colleagues and I are acutely focused on returning inflation to our 2% objective," he said in introductory remarks to a Fed conference on the role of the U.S. dollar. "The Federal Reserve’s strong commitment to our price-stability mandate contributes to the widespread confidence in the dollar as a store of value."
One bodega owner told The Associated Press that the cost of his bacon, egg and cheese had risen by $2, from $2.50 to $4.50. (AP Photo/Seth Wenig / AP Newsroom)
His comments came just two days after the Fed voted to raise its benchmark interest rate by 75 basis points for the first time since 1994, underscoring just how serious policymakers are about tackling the inflation crisis after a string of alarming economic reports.
Inflation at the wholesale level climbed 11.3% in June compared with a year earlier. On a month-to-month basis, wholesale inflation rose 1.1% from May to June.
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FOX Business' Megan Henney and The Associated Press contributed to this report.