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Rival grocers Kroger and Albertsons on Friday announced plans to team up. The companies said Kroger agreed to buy Albertsons for $34.10 a share in a deal valued at $24.6 billion. Albertsons shares had closed Thursday at $28.63 after surging on reports that a deal was imminent. Kroger is the second largest grocer by market share in the United States, behind Walmart, and Albertsons is fourth, after Costco. Together, Kroger and Albertsons would be a closer second to Walmart. Both companies’ boards unanimously approved the agreement, which will need regulatory approval. Grocery inflation hacks: What to buy now for holiday meals Oct. 5, 2022 03:44 The tie-up comes during a challenging time in the grocery industry. Supermarkets have raced to keep up as shoppers embrace new ways of restocking the fridge. Companies have had to invest in automation, employee training and more as consumers bounce between browsing store aisles, ordering home deliveries and using curbside pickup. Grocers have also...

The price of groceries continued to soar in the last 12 months ending in August, climbing 13.5% — the biggest increase since 1979. Many food categories saw double-digit 12-month increases, led by eggs, which surged 40%; margarine, up 38%; and flour, which jumped 23%. In its latest monthly food price outlook, the U.S. Department of Agriculture said factors across the economy, including ongoing supply chain issues and higher energy , transportation, and labor costs have contributed to increases in prices across food categories . The price of a dozen large grade-A eggs has now hit a record high of $3.12 — up 82.3% from a year ago. The USDA said an ongoing bird flu outbreak has reduced egg-producing flocks, causing prices to surge. "This outbreak has contributed to elevated egg prices and increasing poultry prices as over 40 million birds, 189 commercial flocks , and 39 States have been affected," the department said. If there’s any consolation, it's that prices could begin...