Consumer News: Largest 12-month food price hike since 1981, new legislation could impact 401(k) programs

Consumer News with ABC Columbia is brought to you by Grow Financial.

CNN– Food prices increased nearly 9% in the year that ended last month. The Bureau of Labor Statistics says that’s the largest 12-month hike since May 1981. According to the BLS, groceries shot up 10% overall, with products like eggs, flour and milk all rising at least 11%. Bacon prices were up 18..2%. Researchers say crop-affecting droughts and the war in Ukraine have contributed to food items being more expensive.

CNN– Congress is taking action to help avoid a potential retirement crisis. A bill expected to reach President Joe Biden’s desk later this year could bring about new rules involving 401(k) programs. Jenn Sullivan takes a closer look at how those changes could impact your retirement savings.