The cost of eating at home was unchanged in July despite increases in the cost of milk and beef.
The overall Consumer Price Index rose 0.2% last month and is up 2.7% year over year, the Bureau of Labor Statistics reported Tuesday. The core inflation rate, which excludes food and energy costs, which tend to be relatively volatile, was 0.3% last month, compared to 0.2% in June.
The index for dairy products was up 0.7% as the cost of milk rose 1.9%,
Beef prices rose 1.5% last month and are up 11.3% since July 2024 amid tight beef supplies and the repeated suspension of cattle imports from Mexico due to concerns about the spread of New World screwworm.
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Prices for eggs continued to decline from the spikes driven by avian flu outbreaks, falling 3.9% in July. The cost of eggs is now down 16.4% since July 2024.
The index for fruits and vegetables was unchanged last month, and the index for cereals and bakery products fell 0.2%.
USDA’s Economic Research Service, which forecasts food prices, estimates grocery prices will up 2.2% for 2025 and rise just 1.6% in 2026.
