Food Price Growth Ticked Back Up, Putting Burden on Consumers

Monthly growth in food prices accelerated slightly in January, reversing a gradual decline seen in recent months, as the price of eggs, cookies and citrus fruits all rose.

Food prices grew 0.5 over the month, ticking up slightly compared with an increase of 0.4 percent in December. A price index for meats, poultry, fish and eggs increased in January, as did another for cereals and bakery products. An overall index for fruits and vegetables fell from the previous month, while an index for dairy products was unchanged.

The price of eggs was up 8.5 percent from the previous month, the Bureau of Labor Statistics said, as an outbreak of avian influenza around the United States continues to cause egg prices to surge. However, other measures, like a market report compiled by the Agriculture Department, show that the price of eggs has been dropping sharply in recent months. The average price of large eggs dropped from more than $5 a carton earlier this year to less than $3 in February, the department said.

On an annual basis, the food index was up 10.1 percent. The price of food at restaurants rose 0.6 percent from the previous month, outpacing 0.4 percent monthly growth in the price of groceries.

Rising food prices have been one of the most painful and visible aspects of inflation for many households, which have had to cut back on purchasing pricier items at the grocery store.

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• Source: https://www.supplychainbrain.com/articles/36643-food-price-growth-ticked-back-up-putting-burden-on-consumers