Additional Coverage:
- In the 1970s, a dozen eggs cost $0.61. Here’s how grocery prices from 50 years ago compare to today. (businessinsider.com)
Egg prices continue to climb. The Bureau of Labor Statistics shows a 15.2% increase between December 2024 and January 2025, reaching a record high of $4.95 per dozen. This comes amidst ongoing shortages due to bird flu, prompting stores like Whole Foods, Trader Joe’s, and Costco to limit customer purchases.
Looking back 50 years, the “Great Inflation” of 1965-1982 offers a comparison. Multiple factors, including Federal Reserve policies, global monetary changes, the Vietnam War, and oil crises fueled this difficult period. Food inflation soared above 20% in late 1973.
How do today’s grocery prices stack up against those of 1975?
White bread cost $0.36 per pound in 1975, which is $2.20 adjusted for inflation. Today, it averages $1.93. A 1972 grain deal with Russia, followed by a shortage, contributed to high bread prices then.
Milk was $0.785 per half gallon (equivalent to $4.79 today). Currently, a gallon averages $4.03. Dairy shortages also plagued the 1970s.
Butter cost $1.03 per pound then ($6.28 today), compared to $2.42 now.
While 1975 egg data is unavailable, a dozen cost $0.61 in 1970, equivalent to $5.13 today. The current price sits at $4.95. Ongoing bird flu outbreaks continue to impact supply and drive up prices.
Round steak was $1.89 per pound in 1975 ($11.52 today) versus $8.28 now. Drought and rising feed grain costs have been blamed for recent beef price increases.
Potatoes were $0.134 per pound ($0.82 today) compared to $0.97 currently.
Rice cost $0.47 per pound ($2.87 today) compared to $1.01 now.
Apples were $0.34 per pound ($2.07 today) versus $1.26 for Red Delicious apples now. Decreased consumer demand has recently lowered apple prices.
Bananas were $0.232 per pound ($1.41 today) compared to $0.62 now. Lower labor costs and trade agreements have kept banana prices relatively stable.
Finally, a gallon of gas cost $0.57 in 1975 ($3.48 today), while the current average is $3.34. The 1973 oil embargo significantly impacted gas prices.