The inflation rate in October 2022 is 7.7% higher than a year ago. The U.S. Bureau of Labor Statistics also released the notable price changes in food and other items between October 2021 and October 2022.
Notable price changes of common food items and other price changes:
| Notable Price Increases | Percentage Change |
|
Food Prices |
|
|
Bananas |
+5% |
|
Beer |
+7% |
|
Carbonated Drinks |
+13% |
|
Breakfast Sausage |
+13% |
|
Sugar |
+14% |
|
Pet Food |
+15% |
|
Rice |
+15% |
|
Milk |
+15% |
|
Coffee |
+15% |
|
Pasta |
+17% |
|
Soup |
+17% |
|
Frozen Veggies |
+17% |
|
Canned Fruits and Vegetables |
+19% |
|
Flour |
+25% |
|
Eggs |
+43% |
| Other Prices | |
| Men’s Apparel | +3% |
|
Women’s Apparel |
+6% |
|
Pet services including veterinary |
+11% |
|
Tires |
+12% |
| +14% | |
|
Gas |
+18% |
|
Public transportation |
+28% |
|
Airline fares |
+43% |
SNAP Benefit has increased to 12.5%, but common food items and other utility prices remain high. (Photo: NBC News | Getty Images)
Also Read: Prices Of Foods Will Remain High Despite Inflation Subsides, Here’s Why!
The rising inflation prompted legislators to increase the Supplemental Nutrition Assistance Program or SNAP benefits to 12.5%.
iCalifornia created a chart showing the maximum possible benefit by household size for the fiscal year 2023 that can be received once approved:
Maximum benefit by household size for the fiscal year 2023. Effective October 1, 2022 – September 30, 2023.
| Household Size | Maximum Snap Benefit Allotment |
|
1 |
$289 |
|
2 |
$516 |
|
3 |
$740 |
|
4 |
$939 |
|
5 |
$1,116 |
|
6 |
$1,339 |
|
7 |
$1,480 |
|
8 |
$1,691 |
| Each Additional Household Member: | |
|
Add |
$211 |
The benefit is calculated by multiplying the net monthly income by 30%, then you get the countable income. Afterward, subtract the maximum benefit lever for a household size of the countable income.
For instance, if you have a family size of 4 and a $1,350 net income after the deduction of allowable income and shelter deductions, based on the table, a family size of 4 has a $939 maximum SNAP benefits. The SNAP benefits can be calculated by:
Hence, the monthly SNAP benefits for a family size of 4 can be received at $534.
However, whether the proposed increase in SNAP benefits is enough to afford the rising prices of basic food and other, utilities remains unanswered.
Read More: Food Stamps, SNAP Benefits: What You Can Buy for $23 Under Thrifty Food Plan
