Consumers paid a little more for their food in grocery stores and restaurants in October.
In the latest Consumer Price Index from the Bureau of Labor Statistics, supermarket prices ticked up 0.3% in October; the food-away-from-home index was up 0.4%, matching last month’s increase for that category.
The change was driven by monthly increases in four of the six major grocery store categories tracked by the CPI. Meat prices were 0.7% higher, driven largely by increases in the cost of pork (up 1.3%) and beef (up 1.2%). Dairy prices were reported 0.3% higher on higher costs for milk, cereals and bakery products were up 0.2%, and the cost of fruit and vegetables remained the same.
Food price inflation is up 3.3% year-over-year, bringing price increases back to more stable trends; grocery prices are up 2.1% over that period, while food away from home has increased a more sizable 5.4%.
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The overall CPI reported no change in October as mild increases in the cost of food, shelter and transportation were offset by a 2.5% monthly drop in energy prices. The overall CPI is up 3.2% year-over-year.
President Joe Biden welcomed the overall report.
"Today we saw more progress bringing down inflation while maintaining one of the strongest job markets in history. At 3.2%, annual inflation is now down by 65% from the peak. Gas prices are below $3.40 per gallon, reflecting an average decline of $1.65 from the peak after Putin’s invasion of Ukraine," Biden said in a statement.
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