Gabriela Tulian/Getty Images(NEW YORK) Customers at the bakery Nothing Bundt Cake, in Memphis, Tennessee, choose items from snickerdoodle, red velvet and blueberry bliss, among other flavors. But patrons cannot avoid the surging prices.
Amy Lupo, who runs three Memphis-area company franchises, said a jump in the cost of ingredients over the past year has caused her to hike the price of an individual-sized cake from $4.50 to $5.25, a staggering 16% increase.
"It s a tough choice to raise prices," Lupo told ABC News. "Our customers, for the most part, have been understanding because people go to the grocery store and see it everywhere."
Lupo is hardly the only baker lifting prices. The cost of baked goods has jumped 14% over the last year a rate nearly double the pace of food inflation and triple the rate of overall price hikes, government data shows.
The soaring prices stem from supply shortages imposed by the Russia-Ukraine war and lower-than-expected crop y
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