Cost of baking supplies surged as TVs got cheaper

Shoppers paid more for staples in 2022 as inflation soared to its highest level in more than four decades — but there were a few bargains to be found on some historically costly items.

The key ingredients needed to bake a cake were among a dozen products that spiked the most since November 2021, according to data from the Labor Department.

Eggs and margarine jumped 50% over that time span while flour and baking mixes shot up nearly 25%. Overall, the cost of groceries rose 13.5% year-over-year as inflation reached its highest level since 1981.

The higher prices sapped family budgets by about $10,000 over the previous year as the consume price index hit 9.1% in June from a year earlier before dipping to 7.1% in November.

However, the prices of some luxury goods actually dropped year-over-year. Chief among those were flat-screen televisions, which fell 17%. The cost of attending sporting events also got cheaper, decreasing 7.2% this year.

Still, there were few other places for shoppers to find savings. Owning and using a car got significantly more expensive as gas jumped 10%, the cost of repairing a car increased 15% and insurance rose 13%.

Traveling by air was even worse. Fares skyrocketed 36% as demand surged after lockdowns were lifted.

The end of pandemic restrictions also pushed the price of restaurant meals up 9% while alcohol at bars jumped 7.1%.

There may be some relief on the horizon. Recent data from the Commerce Department show the personal consumption expenditures price index — a measure of costs and services — dropped to 5.5% in November from 6.1% in October.