High inflation: Products that had significant price spikes in April

The Labor Department announced on Wednesday that inflation slightly cooled, rising by 0.3 percent in April, for an annual rate of 8.3 percent.

But while inflation has fallen slightly after reaching rates not seen in decades, prices of some products and services for consumers still rose sharply in the last month. 

For example, a baby formula shortage across the country has made headlines as several major retailers have rationed how many formula products customers can buy online and in stores. Now the price of baby food is up 3 percent from March to April and up 13 percent in the last 12 months, according to data from the U.S. Bureau of Labor and Statistics consumer price index.

But other services and products have seen notable price increases in the last month as well. 

Here are some of the products and services that had significant price spikes in April.

Airline fares 

Airline fares spiked by 18.6 percent between March and April of this year. Those prices are up 33.3 percent over the last 12 months, according to the data on the consumer price index from the U.S. Bureau of Labor and Statistics. 

The uptick in flight costs as Americans return to travel that had dropped off amid the coronavirus pandemic came after President Biden placed a ban on Russian oil, natural gas and coal imports in March in response to Russian President Vladimir Putin’s invasion of Ukraine. 

Ahead of a busy summer travel season, flight prices have surged as airlines have said they are increasing ticket prices in an effort to combat rising fuel costs. 

Eggs

The price of eggs jumped by over 10 percent from March to April and has increased by 22.6 percent in the past 12 months.

A Midwest Regional Egg report from the U.S. Department of Agriculture (USDA) said that most cartons of a dozen medium eggs cost on average around $2.58. 

Earlier this year, egg prices surpassed $3 per dozen for the second time in history. 

Experts have attributed the spiking costs of the staple kitchen item to an avian flu outbreak that has impacted millions of birds.

Butter and margarine 

Prices for butter and margarine were also up in April by 4.7 percent since the prior month and 19.2 percent in the last 12 months. 

The USDA said that “troubles with staffing due to covid cases meant some butter plants had to forgo some production runs.” That, coupled with “slow growth in milk production as cow numbers fell, led to declining butter supplies,” contributed to increasing prices, according to the agency’s outlook for U.S. dairy published in February.

Chicken 

Poultry prices in general were up over the last month and the last year, especially for the price of chicken which rose by 3.5 percent in April and 16.4 percent over the last 12 months.

Meanwhile, while seafood prices did not see a spike between March and April, those prices have risen by 11.9 percent in the last 12 months.

Apparel

Overall apparel prices were down slightly by 0.8 percent in April despite being up 5.4 percent in the year.

But for men’s suits, sport coats and outerwear, price increases were more significant, spiking 6.6 percent in April and 21.7 percent in the last year.

Those increases come as retailers and clothing brands attempt to recover from a major pause in profits amid the COVID-19 pandemic which effectively shuttered stores for months.