The consumer price index shows that prices rose 0.2 percent in July compared to June and 3.2 percent versus last year, according to the Bureau of Labor Statistics.
The food index was a significant contributor, increasing 0.2 percent in July compared to the previous month, from June’s increase of 0.1 percent, and increasing by 4.9 percent compared to last year, outpacing the CPI metric for all items. Further, the food index for food at home increased 0.3 percent over the month while the index for food away from home rose 0.2 percent in July.
When viewed over the last 12 months, both indices show more of a gap: food at home rose 3.6 percent, and food away from home, 7.1 percent. Food at home inflation was affected by cereals and bakery products, which rose 7 percent over the period. The index for meats, poultry, fish, and eggs declined 0.2 percent, continuing its gradual reduction from the peak that was precipitated by the bird flu epidemic that affected tens of millions of chickens, hens, and other poultry in 2022 and into this year.
The month's CPI summary from the Bureau of Labor Statistics shared that the remaining major grocery store food groups posted increases ranging from 1.3 percent for dairy and related products, to 5.4 percent for both nonalcoholic beverages and other food at home.
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