With oil prices on the rise as a result of the war with Iran, Americans in every state are feeling more pressure at the gas pump.
But beyond higher gas prices, economists warn that consumers could feel the downstream effects of supply chain issues, like inflation.
In recent years, sharp price increases have become commonplace at the cash register. In 2022, inflation rose to its highest level in four decades. Then, last year, egg prices spiked due to shortages caused by the bird flu, leading to stores like Whole Foods, Trader Joe’s, and Costco limiting how many eggs customers could purchase at a time.
But what was it like 50 years ago?
Turns out, in 1975, the American public was facing its own inflation crisis, aptly called the Great Inflation.
This period of economic difficulty was caused and sustained by factors including Federal Reserve policies, a breakdown of the Bretton Woods system (which anchored the US dollar to gold), the Vietnam War, and the oil crises.
Food inflation peaked at more than 20% at the end of 1973, and overall food prices rose by 7.1% between 1968 and 1983, the Bureau of Labor Statistics (BLS) reported.
We looked at how today’s average grocery prices compare to those 50 years ago using the latest data available from the USDA, US Department of Energy, and BLS, including its consumer price index (CPI) inflation calculator.
From eggs and milk to apples and bananas, here’s how food prices today compare to those 50 years ago.
White bread cost $0.36 per pound.
Average price in 1975: $0.36 per pound
Adjusted for inflation: $2.26
Average price in 2026: $1.85 per pound
A grain shortage — caused by excessive exports to Russia following a 1972 deal — helped push up bread prices across the US, The New York Times reported.
Milk cost $0.785 per half gallon.
Average price in 1975: $0.785 per half gallon
Adjusted for inflation: $4.92 per half gallon
Average price in 2026: $4.03 per gallon
The 1970s were also marked by a shortage of dairy products. In 1973, dairy prices rose by 30%, History.com reported.
A dozen eggs cost $0.61.
Average price in 1970: $0.61 per dozen
Adjusted for inflation: $5.27
Average price in 2026: $2.50 per dozen
Though egg price data was not available for 1975 from the BLS, we’d be remiss not to include this grocery staple. Data from the agency’s Consumer Expenditure Survey found that the average price of eggs in US cities in 1970 was $0.61 per dozen.
Round steak cost $1.89 per pound.
Average price in 1975: $1.89 per pound
Adjusted for inflation: $11.85
Average price in 2026: $9.06 per pound
Beef costs have been surging in recent years, and according to Forbes, the worst could be yet to come.
As a result of the Iran War, the price of nitrogen fertilizer — crucial in the production of corn for cattle feed — has skyrocketed. This, combined with higher transportation, packaging, and refrigeration costs, increases the likelihood that beef prices will continue to climb.
Potatoes cost $0.134 per pound.
Average price in 1975: $0.134 per pound
Adjusted for inflation: $0.84
Average price in 2026: $0.87 per pound
Rice cost $0.47 per pound.
Average price in 1975: $0.47 per pound
Adjusted for inflation: $2.95
Average price in 2026: $1.07 per pound
Apples cost $0.34 per pound.
Average price in 1975: $0.34 per pound
Adjusted for inflation: $2.13
Average price in 2025: $1.30 per pound (Red Delicious)
In November 2024, NPR reported that apple prices were falling because of a decrease in demand from consumers and processors, but prices seemed stronger again at the start of 2026.
Bananas cost $0.232 per pound.
Average price in 1975: $0.232 per pound
Adjusted for inflation: $1.46
Average price in 2026: $0.65 per pound
Banana prices have remained low despite rising costs for other commodities, driven by lower labor costs and free trade agreements, Axios reported in March 2024.
Last October, CNBC reported an increase in the price of bananas due to the Trump administration’s tariff policy.
A gallon of gas cost $0.57.
Average price in 1975: $0.57 per gallon (leaded)
Adjusted for inflation: $3.58 per gallon
Average price in 2026 (As of April 6): $4.119, per AAA
In October 1973, the Organization of Arab Petroleum Exporting Countries (OAPEC) enacted an oil embargo on the US after President Richard Nixon requested Congress provide billions in emergency aid to Israel during the Yom Kippur War. Though the embargo was lifted in March 1974, oil prices remained significantly high.
Over 50 years later, conflict in the Middle East is again leading to higher gas prices. In April, the national average surpassed $4 per gallon, the highest figure in four years.
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