Food prices continue to rise, now for the tenth month in a row, according to the latest CPI Report. June saw a 0.6% rise in the overall food price index, following a An increase of 0.7% in May and historic 1.5% jumped in April.
Food at home
After a 1% increase in May, food prices at home grew by 0.7% last month. Once again, this jump was mainly due to a significant increase in the meat, poultry, fish and egg categories, which rose 2% in June. After a record increase of 10.8% beef prices in May, the beef index rose 4.8% in June and has increased a total of 20.4% over the past three months.
Most grocery store food groups experienced price increases last month, with the exception of dairy products and related products:
- Non-alcoholic drinks: + 0.7% (unchanged in May)
- Cereals and bakery products: + 0.4% (-0.2% in May)
- Fruits and vegetables: + 0.4% (+ 0.5% in May)
- Other food at home: + 0.2% (unchanged in May)
- Dairy and related products: -0.4% (+ 1.0% in May)
The change in the 12-month index for home food is now 5.6% (up from 4.8% in May) – the biggest jump since the period ended December 2011. For the year-long period, all major food store groups saw growth, the highest being a surge in prices 12.8% in meat, poultry, fish and eggs (25.1% increase in beef prices). Other categories experienced price increases ranging from 2.3% (fruits and vegetables) to 5.3% (non-alcoholic drinks).
That the latest USDA forecast anticipating that overall prices for home food will rise by 2.5 to 3.5% this year, the biggest increase since 2011.
Food away from home
Food far from the home price index rose 0.5% in June, slightly higher than the 0.4% increase in May. With a jump of 0.9%, the full service food category experienced the highest monthly increase on record. Prices also went up for limited service food, by 0.5%.
This brought the 12-month index for food away from home to 3.1% (up from + 2.9% in May), with limited service food at + 4.1% and full service food at + 2.7% for the period .
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