Supermarket prices rose 0.1% in September as the increased cost of beef, pork and milk masked price declines in many other products.
It was the smallest increase in the cost of eating at home since June, when grocery prices were unchanged from May, the Bureau of Labor Statistics reported Thursday.
The overall Consumer Price Index rose 0.4% in September, driven largely by increased housing costs and a rise in gasoline prices. The CPI had risen 0.6% in August; grocery prices were up 0.2% that month.
Supermarket prices are up 2.4% since September 2022, an increase which is in line with historic food inflation.
The cost of eating at home has risen an average of 2.5% annually over the past 20 years, according to USDA’s Economic Research Service. ERS estimates grocery prices will rise about 1.6% in 2024, well below that 20-year average.
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The retail price of beef rose 0.6% in September after increasing 1.2% in August and 2.4% in July. The price of pork was up 1.6% last month, following a 2.2% jump in August. Shoppers paid 4.8% more for bacon in September.
Egg prices ended a long decline and rose 0.9% in September but are still down 14.5% from a year ago. Egg prices rose 32% in 2022 in the wake of a widespread avian flu outbreak.
The index for dairy prices was 0.1% higher in September as declines in the cost of cheese and other dairy products offset a 1.4% increase in the cost of fluid milk.
The index for fruits and vegetables was flat last month, but there were price declines for a number of popular items, including apples, bananas, potatoes and lettuce, that offset increases for oranges and tomatoes as well as processed and frozen products.
The index for cereals and bakery products was down 0.4%.
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