Price of Bacon Reaches All-Time High
(CNSNews.com) -- The price of bacon had hit an all-time high, increasing 6.3% in one month, according to data from the Bureau of Labor Statistics (BLS).
From April to May, the average price for a pound of sliced bacon climbed from $5.69 to $6.05.
Over the past year, bacon increased 18.9%, rising from $5.09 in May of 2013 to $6.05 in May of 2014.
Each month, the BLS employs data collectors to visit thousands of retail stores all over the United States to obtain information on the prices of thousands of items to measure changes for the Consumer Price Index (CPI).
The CPI is simply the average change over time in prices paid by consumers for a market basket of goods and services.
Bacon is a component in the index for meats, poultry, fish, and eggs, a measure that saw a significant increase in the last year.
“The index for meats, poultry, fish, and eggs rose 1.4% in May after a 1.5% increase in April, with virtually all its major components increasing,” said the BLS. “The index for meats, poultry, fish and eggs has risen 7.7 percent over the span [last year].”
Similar to the prices, the index that measures bacon and related products also reached an all-time high in May.
“An index is a tool that simplifies the measurement of movements in a numerical series,” states the BLS. “An index of 110, for example, means there has been a 10-percent increase in prices since the reference period; similarly, an index of 90 means a 10-percent decrease.”
When BLS started tracking the bacon and related products index in January of 1947, it was 30.8. As of May 2014, the index had reached an all-time high of 318.571.