US consumers contend with double-digit price increases at the grocery store

Americans are facing grocery store price hikes at levels not seen since the 1970s

Americans are facing grocery store price hikes at levels not seen since the inflation-soaked 1970s, with double-digit increases on everything from eggs to poultry, according to the latest Consumer Price Index from the Labor Department.

Friday's inflation report was a triple-whammy for consumers, with massive price hikes in food, shelter and energy -- sectors that make up the majority of household expenses -- as well as in almost every other category. But some of the starkest increases were in the food-at-home sector, where the cost of groceries surged by almost 12% for the year ending in May. That's the largest year-on-year increase since 1979.

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