Inflation Is Falling, but Ham and Cheese Are Still Too Expensive

Although bacon and ham are both pork, prices for the popular breakfast proteins have been going in opposite directions. 

Bacon prices have been sliding since last summer, and were 10% cheaper in June from a year ago, according to Bureau of Labor Statistics data released this week. Ham prices are now 4.7% higher than in June 2022.    

Still, both items—like most other things in life—remain more expensive than their prepandemic levels. Compared with January 2020, bacon prices have gone up 12.9%, and ham by 20.2%.

To make a sandwich more expensive, bread prices are rising even though inflation has been waning in general. After another 0.7% uptick in June, prices of bread became 11.5% more expensive than a year ago, largely driven by elevated flour costs. This means any bakery goods, such as cookies, cakes, and crackers, are also more expensive today than a year ago.

Another breakfast favorite, eggs, have taken a roller-coaster ride. Prices skyrocketed in 2022 as avian flu outbreaks severely strained supplies, but they have fallen since the beginning of this year. By June, egg prices are actually 8% cheaper than a year ago, although still 27% higher than prepandemic levels. 

For dairy lovers, prices of fresh whole milk have been dropping sharply since February and are now about 4% cheaper than a year ago. Cheese prices have been declining as well, but at a slower pace. As of June, cheese-related products are still roughly 1% more expensive than the prices last summer. Compared with prepandemic levels, milk and cheese are 19% and 14% more expensive, respectively.

Fruit is a healthy breakfast, but budget-sensitive consumers need to choose carefully here as well. While prices of oranges have fallen 5.6% from a year ago, apple prices continued to climb and are now 4.5% more expensive than in June 2022.

Write to Evie Liu at [email protected]