It’s been quite a ride for prices this decade. From the post-pandemic supply chain crunches, to the tariffs and the war in Iran, rising prices have challenged American consumers to keep pace with the cost of living. This blog will focus on recent price changes from January 2024 through the first half of 2026 on key consumer products, including energy and selected food items. Price increases in energy and food are particularly difficult for consumers, as they are necessary rather than discretionary expenses. Since January 2024 overall inflation has remained above the Federal Reserve’s 2% target, ranging from a low of 2.3% in April 2025 to a high of 4.2% in May 2026. However, for some key consumer products, price increases have been much greater. The price landscape of food and energy necessities has created significant challenges for consumers.
Gas and Diesel
The graph below shows the monthly average price for one gallon of unleaded regular gas (left axis, blue line) and the monthly average price for one gallon of diesel (right axis, green line) since January 2024. For consumers, diesel fuel prices are extremely important, as almost every product consumed is delivered in some way by truck. Diesel prices affect shipping costs, which typically spill over into product prices.
The trends in gas and diesel are similar, reflecting the volatility in oil prices that has occurred particularly since the start of the war in Iran. Relative to 2026, fuel prices were relatively tranquil in 2024 and 2025. In 2024, the prices of gas and diesel consistently declined after peaking early in the year. The price of gas started the year at $3.22 and increased to a high of $3.78 in April before dropping to $3.15 in December, the low for the year. The price of diesel declined from $3.85 in January to $3.49 in December, also the low point for the year. Both gas and diesel changed only slightly throughout 2025. Gas began the year at $3.21 before falling to $3.05 in December. Diesel was relatively unchanged, beginning the year at $3.63 in January and ending the year at $3.62 in December. The relative calmness of 2024 and 2025 fuel markets changed markedly in 2026, with steep price increases in both gas and diesel. Gas prices spiked from $2.96 in January to $4.65 in May, an increase of 57.1%, before declining to $4.20 in June. The June price was still 41.9% higher than January. Diesel skyrocketed from $3.52 in January to $5.60 in May, an increase of 59.0%, before dipping to $5.02 in June. Between January 2024 and June 2026, the price of both gas and diesel spiked 30.4%.
Monthly Average Price per Gallon, Unleaded Regular Gas and Diesel
January 2024 – June 2026
Electricity and Natural Gas
The graph below shows the monthly average price for electricity per kilowatt hour (left axis, blue line) and the monthly average price of natural gas (utility piped gas) per therm (right axis, green line) since January 2024. Relative to January 2024, energy prices are up, with significant increases occurring since January 2025 in both electricity and natural gas. The price of electricity rose only 1.7% in 2024, increasing from $0.173 in January to $0.176 in December. However, between January 2025 and June 2026, the price of electricity rose from $0.179 to $0.198, an increase of 10.6%. Natural gas prices rose 4.8% in 2024, increasing from $1.452 to $1.522. Another 8.8% increase occurred between January 2025 and June 2026, with prices increasing from $1.552 to $1.688. Overall, the price of natural gas rose 16.2% between January 2024 and June 2026 while the price of electricity increased 14.4%.
Monthly Average Price, Electricity per Kilowatt hour and Utility (Piped) Gas per therm
January 2024 – June 2026
Data for October 2025 not available due to government shutdown.
Beef – Steaks and Ground Beef
The graph below shows the monthly average price per pound for beef steaks (left axis, blue line) and the monthly average price for one pound of ground beef (right axis, green line) since January 2024. Overall, beef prices rose moderately in 2024, but since January 2025 steep price increases have occurred. In 2024, the price of beef steaks was relatively unchanged, starting the year at $10.69 in January and slightly decreasing to $10.63 in December. The price of ground beef rose 11.3%, increasing from $5.03 in January to $5.60 in December. Since January 2025, prices for both beef steaks and ground beef have increased significantly. Between January 2025 and June 2026, beef steaks rose 18.2% from $10.90 to $12.88 while ground beef increased 23.1% from $5.55 to $6.83. Between January 2024 and June 2026, the price of beef steaks increased 20.5% while the price of ground beef shot up 35.8%.
Monthly Average Price Per Pound, Ground Beef and Beef Steaks
January 2024 – June 2026
Data for October 2025 not available due to government shutdown.
Chicken – Eggs and Chicken Breasts
The graph below shows the monthly average price for one dozen large grade A eggs (left axis, blue line) and the monthly average price of one pound of boneless chicken breasts (right axis, green line) since January 2024. Consumers have fared better with chicken prices than beef prices, but egg prices provided a roller coaster ride while chicken breast prices rose modestly in 2025. In 2024, the price of eggs rose 64.7% from $2.52 in January to $4.15 by the end of the year. 2025 was extremely volatile for egg prices, rising 25.9% in just two months from $4.95 in January to $6.23 in March before steadily and significantly declining to $2.71 in December. The drop in egg prices continued in 2026, and in June egg prices were $2.14. Chicken breast prices were relatively unchanged in 2024, starting the year at $4.09 and ending the year at $4.10. Prices rose 4.5% in 2025, increasing from $3.97 in January to $4.15 in December before remaining relatively unchanged throughout the first half of 2026, with the price of chicken breasts at $4.18 in June. Between January 2024 and June 2026, egg prices declined 15.0% while the price of chicken breasts increased 2.2%.
Monthly Average Price, Large Grade A Eggs (one dozen) and Boneless Chicken Breast (one pound)
January 2024 – June 2026
Data for October 2025 not available due to government shutdown.
Coffee and Milk
The graph below shows the monthly average price for one pound of ground roast coffee (left axis, blue line) and the monthly average price of one gallon of whole milk (right axis, green line) since January 2024. Recently, it’s gotten a lot more expensive to stay awake. In 2024 the price of coffee rose from $6.12 in January to $6.78 by the end of the year, an increase of 10.8%. That price increase was modest compared to what followed. Between January 2025 and June 2026, the price of coffee soared 34.8%, increasing from $7.02 in January 2025 to $9.46 in June 2026. Milk prices have also gone up, but price increases have been modest compared to coffee. The price of milk began 2024 at $3.96 and ended the year at $4.10, an increase of 3.5%. Since early 2025 milk prices have been volatile, but overall increased 7.2% from $4.03 in January 2025 to $4.32 in June 2026. Between January 2024 and June 2026, coffee prices were up a whopping 54.6% while the price of milk rose 9.1%.
Monthly Average Price, Ground Roast Coffee (one pound) and Whole Milk (one gallon)
January 2024 – June 2026
Data for October 2025 not available due to government shutdown.
Bread and Butter
The graph below shows the monthly average price for one pound of white bread (left axis, blue line) and the monthly average price of one pound of butter (right axis, green line) since January 2024. Consumers finally caught a break from rising prices with bread and butter. The price of white bread has steadily declined since January 2024, falling 5.9% in 2024 from $2.03 in January to $1.91 in December. Since January 2025 the price slide has continued, with the price of white bread falling from $1.93 in January 2025 to $1.81 in June 2026, another 6.2% decline. It also got a little cheaper to butter that bread. The price of butter was relatively unchanged in 2024, increasing only 1.5% from $4.66 to $4.73. However, since January 2025, the price of butter has declined sharply, falling from $4.91 in January 2025 to $3.81 in June 2026, a drop of 22.4%. Between January 2024 and June 2026, the price of white bread declined 10.8% while the price of butter dropped 18.2%.
Monthly Average Price, White Bread (one pound) and Butter (one pound)
January 2024 – June 2026
Data for October 2025 not available due to government shutdown.
Potatoes and Rice
The graph below shows the monthly average price for one pound of white potatoes (left axis, blue line) and the monthly average price of one pound of white long-grain rice (right axis, green line) since January 2024. Since early 2024 the price of potatoes has fallen, although prices increased in the first half of 2026. Contrary to the price of potatoes, the price of rice has increased since January 2024. The price of potatoes fell very slightly in 2024, dropping 0.3% from $0.98 to $0.95. Prices declined 12.4% in 2025, dropping from $0.97 to start the year to $0.85 in December. That trend reversed in 2026, and the price of potatoes rose from $0.87 in January to $0.92 in June, an increase of 5.7%. The price of rice has generally trended up, rising 3.0% in 2024 from $1.00 to $1.03. In 2025 prices rose 7.0%, from $1.00 start the year to $1.07 to end the year. Another slight increase in prices occurred in the first half of 2026, from $1.06 in January to $1.09 in June. Between January 2024 and June 2026, the price of potatoes decreased 6.1% while the price of rice rose 9.0%.
Monthly Average Price, Potatoes (one pound, White) and Rice (one pound, White Long-grain)
January 2024 – June 2026
Data for October 2025 not available due to government shutdown.
Lettuce and Tomatoes
The graph below shows the monthly average price for one pound of field grown tomatoes (left axis, blue line) and the monthly average price of one pound of Romain lettuce (right axis, green line) since January 2024. Relative to January 2024, although seasonal factors affect pricing, the price of Romaine lettuce has increased significantly while the price of field grown tomatoes has changed little. The price of tomatoes has fluctuated, but the June 2026 price of $2.15 was relatively unchanged from the January 2024 price of $2.14. The price of Romaine lettuce rose 14.7% in 2024, from $2.59 in January to $2.97 in December. Steep price increases occurred in both 2025 and the first half of 2026. Prices rose 22.6% in 2025, increasing from $2.83 in January to $3.47 in December. Another 18.9% rise occurred in just the first six months of 2026, from $3.38 in January to $4.02 in June. Between January 2024 and June 2026, the price of tomatoes increased only 0.5% while the price of Romaine lettuce jumped 55.2%.
Monthly Average Price, Tomatoes (one pound) and Lettuce (one pound, Romaine)
January 2024 – June 2026
Data for October 2025 not available due to government shutdown.
Bananas and Orange Juice
The graph below shows the monthly average price for one pound of bananas (left axis, blue line) and the monthly average price of a 12 ounce can of orange juice frozen concentrate (right axis, green line) since January 2024. The price of bananas fluctuated slightly in 2024, but the price at the end of the year was essentially the same as the price at the beginning of the year at $0.615. Between January 2025 and June 2026, the price of bananas rose modestly, from $0.621 to $0.645, an increase of 3.9%. The price has declined 3.7% since peaking in September 2025 at $0.670. The price of orange juice rose modestly in 2024, from $4.11 to $4.29, an increase of 4.4%. The June 2026 price of orange juice was $4.88, an increase of 8.9% from the January 2025 price of $4.48. Between January 2024 and June 2026, the price of bananas rose 4.9% while the price of orange juice increased 18.7%.
Monthly Average Price, Bananas (one pound) and Orange Juice (12 ounces, frozen concentrate)
January 2024 – June 2026
Data for October 2025 not available due to government shutdown.
For further information:
- From the Federal Reserve: Product Pricing Information
- From the Bureau of Labor Statistics:
Kevin Bahr is a professor emeritus of finance and chief analyst of the Center for Business and Economic Insight in the Sentry School of Business and Economics at the University of Wisconsin-Stevens Point.