You may believe it’s butter, but you may not believe the price.
Butter prices are at an all-time high: One pound of butter cost $4.70 on average in August, compared to $3.63 a year ago, according to the U.S. Bureau of Labor Statistics. And the reasons for the price spike are complicated.
Grocery prices rose 13.5% in August on the year, and the price of food rose 11.4%. Both were the highest since 1979. But butter showed one of the biggest jumps in price: In August, butter was 24.6% more expensive year over year.