In an inflationary environment, food prices tend to shoot up like rockets and come down like feathers, and food economists believe that will continue to be the case in keeping food prices from going down heading into the holidays and 2024.
Supermarket prices rose 0.1% in September as the increased cost of beef, pork and milk masked price declines in many other products. It was the smallest increase in the cost of eating at home since June.
A gauge of global food commodity prices fell again in June, led by declines in the cost of grains and vegetable oils, and is now more than 23% off the March 2022 peak that followed Russia’s invasion of Ukraine.
Grocery prices dropped 0.3% in March, the first such decline since September 2020, as consumers benefitted from lower costs for a wide range of foods, including meat, dairy products, and fruits and vegetables.
Supermarket prices rose another 0.3% last month, driven in part by jumps in the cost of beef and pork, but food inflation continues to ease from the spikes shoppers saw in 2022, the Bureau of Labor Statistics reports.