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.
The Consumer Price Index for food eaten at home rose 0.2% in August after an increase of 0.3% in July.
Prices for meat and poultry products were up 1% in August and are 2.6% higher than a year ago. The price of pork jumped 2.2% in August, and the price of bacon was up 4%. Fresh whole chicken prices rose 2.1%.
Egg prices continued to fall, declining 2.5% from July, which contributed to an 18.2% decrease over the past year. According to Federal Reserve data, egg prices have seen a steep drop since the average cost of a dozen Grade A eggs hit $4.82 in January in the wake of the avian flu outbreak.
At $2.04 per dozen, the price of eggs is now half what it was at the start of the year. In June 2019, months before the COVID-19 pandemic hit the U.S., the price per dozen was $1.20.
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Bakery products rose in price 0.5% last month and are up 6.% over the last 12 months. Breakfast cereal took a step back, dropping 1.1% month-to-month, but is still 4% higher than a year ago.
Dairy and related products fell 0.4 from July but are up 0.3% over the past year. The price of milk was up only 0.1% in August and is down 3.5% from a year ago.
Fish and seafood prices increased 0.9%.
The overall Consumer Price Index jumped 0.6% in August, with half the increase due to a rise in gasoline prices.
In a post at X.com, formerly known as Twitter, President Joe Biden said he “knows families are feeling last month’s increase in gas prices. That's why lowering costs for families, from the pump to the pharmacy, remains my priority.”
