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Balanced Reporting. Trusted Insights.
Saturday, December 02, 2023
Lower turkey prices this year will help soften the cost of preparing Thanksgiving dinner this year compared to 2022, with the total price of the food down 4.5% to 9%, according to a pair of surveys.
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.
Prices for globally traded food commodities fell in August on declines in the cost of dairy products, vegetable oils and other products, reversing an increase the month before.
Supermarket prices ticked up 0.3% last month, driven by a jump in the cost of beef as well as increases for some fruits, vegetables and dairy products, according to the monthly Consumer Price Index.
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.
