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Shining Light on Farm & Food Policy for 20 Years.
Friday, November 08, 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.
Agriculture Secretary Tom Vilsack faces the Senate Agriculture Committee this week amid uncertainty about the path for a new farm bill and ongoing jousting between the Biden administration and Republicans over the economy and federal spending.
Grocery prices rose 0.2% in December, driven in part by another spike in the cost of eggs and an increase in beef prices that helped offset declines in many other categories.
Analysts say consumers are likely to see relatively high prices in grocery stores and restaurants for some time, due to strong commodity markets and high agricultural input costs that get passed through the food chain.
Supermarket prices rose 0.4% in October, their smallest increase since December 2021, as shoppers actually saw price declines in the meat and dairy cases and other areas of the store.
The White House is no doubt glad to see the Consumer Price Index stay unchanged for July. But there is little good news in the latest data for supermarket prices.
Supermarket prices jumped another 1% in April, led by sharply higher costs for chicken, dairy products and eggs, and are up 10.8% over the past year, according to the latest Consumer Price Index.
President Joe Biden will be in Iowa today for a speech at a POET bioethanol facility, where he is set to announce a lifting of the ban on summertime E15 sales.
