The Consumer Price Index (CPI) for food rose 0.3 percent in July and was reported up 4.9 percent YOY, per ERS. Food away from home is reported up 7.1 percent YOY, with inflation for food at home half that at 3.6 percent. (Note that the weight assigned to food away from home and food at home are 36 percent and 64 percent, respectively.)
For food from home, major categories showing the most significant growth included other foods, cereal and bakery products, nonalcoholic beverages, processed fruits and vegetables, and sugar and sweets.
Average inflation for food at home is 4.7 percent YOY, less than half the 11.4 percent estimated for calendar 2022, but is expected to strengthen slight to 5.2 percent growth for all 2023, with the most significant gains in the categories of other foods, cereals and bakery, and nonalcoholic beverages.
The full version of this commentary appeared on our IQ platform Aug. 28, 2023. Further information about the Consumer Price Index is available to IQ subscribers.Learn more about becoming a subscriber.
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