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Soaring grocery bills and restaurant tabs are eating up more of Americans’ paychecks than they have in three decades, according to the federal government.

In 2022, US consumers spent 11.3% of their disposable income on food as raging inflation jacked up prices on everything from bacon, eggs and milk at local supermarkets to burgers and burritos at fast-food joints, according to data from the Agriculture Department.

That’s the most since 1991, when President George H. W. Bush was ramping up the first Gulf War, Nirvana’s “Nevermind” was topping the charts — and food purchases accounted for 11.4% of shoppers’ disposable income, the USDA said.

The problem is showing no signs of letting up as restaurants, retailers and manufacturers alike continue to grapple with soaring labor costs and the price of key commodities including beef and cocoa continues to ratchet higher.

According to the USDA, food-at-home prices increased another 5% last year compared to 2022 — or double the historical average rate at which retail food price inflation rose per year between 2003 and 2022.

Recently, those increases have slowed — up 1.2% in January compared with a year ago.

Still, that’s leaving shoppers with punishing tabs for everything from meat to produce to spaghetti sauce.

Meanwhile, “away from home” food prices at restaurants surged a staggering 5.1% over the same time period, according to the Consumer Price Index.

In 2022 and 2023 it was boom times for restaurants, which gives them latitude to raise prices,” Moody’s chief economist Mark Zandi told The Post.

Fast-food prices shot up even more — 5.8%, according to the government data — a trend that’s set to continue after 22 states raised their minimum wage last month.

Earlier this month, Chipotle said it will be forced to further raise prices as California after a $20-an-hour minimum wage law takes effect there in April.

The menu hikes are already taking a toll, with McDonald’s admitting this month that customers making less than $45,000 per year are eating at home more frequently as grocery prices come down.

I think what youre going to see as you head into 2024 is probably more attention to what I would describe as affordability, McDonalds chief executive Chris Kempczinski said on an earnings call with analysts earlier this month.

But Zandi is skeptical whether restaurants will lower their prices.

Businesses really dont want to cut prices, Zandi said. They will do it if demand is falling and they have no options, but the more palatable strategy is to hold the line until affordability is reestablished.

Meanwhile, corporate profit margins economy-wide have been rising, Zandi said.

Food prices were thrust into the spotlight on Super Bowl Sunday when President Joe Biden posted a video to social media in which he called out snack companies for “shrinkflation.”

“Some companies are trying to pull a fast one by shrinking the products little by little and hoping you won’t notice,” Biden said in a video posted on X, formerly known as Twitter, ahead of Super Bowl LVIII.

“Give me a break. The American public is tired of being played for suckers,” he said.

Biden, who offered no solutions or policies to address the practice, did not name any specific companies but several brands were shown in the video, including Gatorade, Doritos, Breyers and Tostitos.

We appreciate that the President has to deflect attention away from inflation that has lingered during his administration, said David Chavern, president and CEO of the Consumer Brands Association, in a statement.

Chavern added that the group would like to work with Biden on real solutions that benefit consumers.

Last year, the prices for fats and oils rose by 9% while the cost of sugar and sweets jumped 8.7%. The rate of price increases for cereals and bakery products stood at 8.4% last year.

The only food item that saw its price decline last year was pork, which was 1.2% cheaper compared to 2022, according to USDA data.

Meat prices grew but at a slower pace than their 20-year historical averages. Beef and veal prices rose 3.6% while eggs were 1.4% more expensive last year compared to 2022, the USDA said.

The cost of fresh fruits rose 0.7% while fish and seafood prices ticked up 0.3%.

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Seize the Grey wins Preakness, denies Mystik Dan

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Seize the Grey wins Preakness, denies Mystik Dan

Seize the Grey went wire to wire to win the Preakness Stakes on Saturday, giving 88-year-old Hall of Fame trainer D. Wayne Lukas a seventh victory in the race and ending Mystik Dan’s Triple Crown bid.

The gray colt, ridden by Jamie Torres, took advantage of the muddy track just like Lukas hoped he would, pulling off the upset at Pimlico Race Course in a second consecutive impressive start two weeks after romping in a race on the Kentucky Derby undercard at Churchill Downs. Seize the Grey went off at 9-1, one of the longest shots on the board.

Mystik Dan finished second in the field of eight horses running in the $2 million, 1 3/16-mile race. After falling short of going back to back following his win by a nose in the Kentucky Derby, it would be a surprise if he runs in the Belmont Stakes on June 8 at Saratoga Race Course.

Mystic Dan’s second-place finish extends a six-year drought in which the Kentucky Derby winner has failed to repeat at the Preakness Stakes. It is the longest such drought since 1989 to 1997, according to ESPN Stats & Information research.

Seize the Grey was a surprise Preakness winner facing tougher competition than in the Pat Day Mile on May 4. Though given the Lukas connection, it should never be a surprise when one of his horses is covered in a blanket of black-eyed Susan flowers.

No one in the race’s 149-year history has saddled more horses in the Preakness than Lukas with 48 since debuting in 1980. He had two this time, with Just Steel finishing fifth.

Lukas has now won the Preakness seven times, one short of the record held by two-time Triple Crown-winning trainer and close friend Bob Baffert, whose Imagination finished seventh. Baffert also was supposed to have two horses in the field and arguably the best, but morning line favorite Muth was scratched earlier in the week because of a fever.

Muth’s absence made Mystik Dan the 2-1 favorite, but he and jockey Brian Hernandez Jr. could not replicate their perfect Derby trip — when they won the race’s first three-way photo finish since 1947. Instead, Torres rode Seize the Grey to a win in his first Preakness.

This was the last Preakness held at Pimlico Race Course as it stands before demolition begins on the historic but deteriorating track, which will still hold the 150th running of it next year during construction.

That process is already well underway at Belmont Park, which is why the final leg of the Triple Crown is happening at Saratoga for the first time and is being shortened to 1¼ miles because of the shape of the course. Kentucky Derby second-place finisher Sierra Leone, a half step from winning, is expected to headline that field.

The Associated Press contributed to this story.

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Northern Ireland Secretary Chris Heaton-Harris will not stand at next election

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Northern Ireland Secretary Chris Heaton-Harris will not stand at next election

Northern Ireland Secretary Chris Heaton-Harris has said he won’t be standing at the next general election but will keep campaigning for the Conservative Party.

In a letter to Prime Minister Rishi Sunak, which he posted on X on Saturday night, Mr Heaton-Harris said after 24 years in politics, it had been an “honour and a privilege to serve”.

He thanked the people of Daventry, Mr Sunak and former Tory leaders, including Theresa May, Boris Johnson and Liz Truss, “for putting their trust in me”.

Mr Heaton-Harris, who has been serving as Northern Ireland secretary since September 2022, said: “I started as a campaigner and I’ll be out campaigning for @Conservatives at the next election because we are the only party that has and can deliver for the whole of the United Kingdom.”

He joins an exodus of Tory politicians who have announced they will be leaving Westminster at the next general election.

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More than 100 MPs from across the Commons have said they will not be standing.

Those who have announced their intention to leave parliament range from the longest-serving female MP, Labour’s Harriet Harman, to one of those only elected at the last election in 2019, Conservative MP Dehenna Davison.

Of the more than 60 Tory MPs stepping aside, high profile names include former cabinet ministers Ben Wallace, Sajid Javid, Dominic Raab and Kwasi Kwarteng.

Back in March, Mrs May, 67, said she too had taken the “difficult decision” to quit the Commons after 27 years representing her Maidenhead constituency.

The last possible day for a general election is Tuesday 28 January 2025.

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Oleksandr Usyk defeats Tyson Fury to become heavyweight champion of the world

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Oleksandr Usyk defeats Tyson Fury to become heavyweight champion of the world

Oleksandr Usyk has become the undisputed heavyweight champion of the world after defeating Tyson Fury in boxing’s biggest fight of the century.

The Ukrainian won on a split decision following the match in Saudi Arabia.

Usyk had 115-112 and 114-113 on two cards, while Fury took the other 114-113.

Oleksandr Usyk lands a punch on Tyson Fury. Pic: PA
Image:
Oleksandr Usyk lands a punch on Tyson Fury. Pic: PA

Fury disputed his loss after the match, saying: “I believe I won that fight. I believe he won a few rounds but I won more of them.

“Make no mistake I won that fight and I’ll be back.”

In response Usyk said he was “ready for a rematch”.

Tyson Fury v Oleksandr Usyk. Pic: Action Images via Reuters
Image:
Pic: Action Images via Reuters

Fury came under early pressure, with Usyk taking the centre of the ring with an aggressive offensive from the start.

At one point Fury was pushed against the ropes and started laughing as Usyk applied pressure.

The “Gypsy King” looked relaxed as he moved around the ring in the early rounds and picked his shots.

Pic: PA
Image:
Pic: PA

Tyson Fury lunges at Oleksandr Usyk. Pic: PA
Image:
Fury lunges at Usyk. Pic: PA

But after Usyk landed a right hook in the ninth round it looked as if Fury was in serious trouble. The Ukrainian followed up by unloading freely but somehow the bookmakers’ favourite stayed on his feet and was saved by the bell.

Last night, Fury weighed in at 262lbs (18st 10lbs) – nearly three stone heavier than Usyk, who clocked in at a career heaviest of 223lbs (15st 13lbs).

Fury refused to look at his opponent during a news conference on Thursday, but did not back down at the weigh-in last night, where the pair almost came to blows before being separated by their entourages.

Usyk arrived into the ring first, dressed as a Cossack warrior.

Fury entered to songs by Barry White and Bonnie Tyler, with the “Gypsy King” spending several minutes dancing on stage before the song changed to Holding Out For A Hero.

Anthony Joshua watched from the ringside, knowing he could meet the winner early next year.

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