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Eggs, butter prices soar as food inflation continues: report

Initially, chicken prices rose, and now egg prices are putting pressure on consumers' wallets.

A shopper bought 47% more eggs last month than he did a year ago, according to retail analytics firm Information Resources Inc.

Soaring egg prices have forced American farmers to cull nearly 30 million birds, including egg-laying hens and turkeys, due to an avian flu pandemic.

Poultry prices surged nearly 11% from last year, according to the Consumer Price Index released Wednesday.

Eggs aren't the only staple food in supermarkets whose prices have surgedsince last year, according to an analytics firm. Data show that butter is up 26%, packaged bread is up 15%, and frozen foods are up 23%.

Pizza consumers were forced to pay 18% more in July, citing Bloomberg News.

Butter
dpa/image partnership by Getty I

According to data published by IRI , consumers are more picky about which groceries to purchase.

In July, his 55% of shoppers who bought ice cream at supermarkets did so as part of a promotion.

IRI estimates that food prices will rise 14% year-over-year by his July.

The federal government released data on Wednesdayshowing inflation rose 8.5% in July.

Low gas prices pushed the consumer price index down slightly to a record high of 9.1% in June.

Butter on grocery store shelf
Universal Image Group via Getty

Gas prices near 8%, according to new data The overall energy index fell by 4.6% in July.

But food prices continued to rise. Food costs in July increased by 10.9% year-on-year. It increased by 1.1% from the previous month.

Investors responded positively to Wednesday's news. The Dow Jones Industrial Average surged nearly 500 points in early Wall Street trading, while the Nasdaq rose about 2%.