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Shining Light on Farm & Food Policy for 20 Years.
Friday, November 08, 2024
Food prices are on track to return to normal levels this year, as consumers can expect to see softened food-at-home costs after years of high inflation pushing prices up, economists project.
In an inflationary environment, food prices tend to shoot up like rockets and come down like feathers, and food economists believe that will continue to be the case in keeping food prices from going down heading into the holidays and 2024.
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.
Supermarket prices increased slightly for the second consecutive month and are up 3% over the past year, led by a 6% hike over the past 12 months in the cost of bakery products, the Bureau of Labor Statistics reported Wednesday.
Supermarket prices ticked up 0.3% last month, driven by a jump in the cost of beef as well as increases for some fruits, vegetables and dairy products, according to the monthly Consumer Price Index.
Shoppers saw more relief at the grocery store in April as prices fell another 0.2%, driven by declines in dairy products, pork, eggs, and some fruits and vegetables.
History is repeating itself in the legal battle over the “waters of the U.S.” rule. Just as in 2015, when courts issued repeated rulings blocking implementation of the Obama administration’s rule, courts have again acceded to requests from states and industry groups to enjoin the Biden administration’s rule.
