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Shining Light on Farm & Food Policy for 20 Years.
Wednesday, December 18, 2024
Grocery prices dropped 0.3% in March, the first such decline since September 2020, as consumers benefitted from lower costs for a wide range of foods, including meat, dairy products, and fruits and vegetables.
Supermarket prices rose another 0.3% last month, driven in part by jumps in the cost of beef and pork, but food inflation continues to ease from the spikes shoppers saw in 2022, the Bureau of Labor Statistics reports.
The UN Food and Agriculture Organization’s measure of global food commodity prices eased again in February on significant drops in the cost of dairy products and vegetable oils and fractionally lower prices for grains and meat.
An index of global food commodity prices dropped for the 10th straight month in January on declines in the cost of vegetable oils, dairy products and sugar.
A measure of world prices for food commodities fell for the ninth consecutive month in December, driven by a sharp drop in the cost of vegetable oils and softer prices for meat and grains.
USDA economists are increasing their estimate of food price inflation this year and for 2023, saying that prices will rise more slowly next year but still above the historical average.
Supermarket prices rose another 0.7% last month, driven by continued increases in nearly every category in the store, and food costs are now up 13% over the past year.
A measure of world food commodity costs fell for the sixth month in a row in September, led by lower prices for vegetable oils and dairy and meat products that offset gains in grain markets.
