Food Consumer Price Index up 10% YOY in June, up 7% YTD
The June Consumer Price Index (CPI) data for June showed that pricing for all food was up 1.0 percent from May and up 10.4 percent from June 2021. For food at home, pricing is up 12.2 percent YOY. As a reminder, food prices represent 13.4 percent of the total CPI.
For 2022 to date, the all-food CPI is up 7.1 percent for 2022 to date, up 8.2 percent for food at home.
Among the major categories—higher share of the total food CPI—the most dramatic YTD gains are reported for cereal and bakery (up 8.5 percent), dairy (up 7.8 percent), meats (up 7.5 percent), fruits and vegetables (up 7.0 percent), other foods (up 8.8 percent), and nonalcoholic beverages (up 7.5 percent).
Diving deeper into the meats category, the highest YTD growth is reported by other meats and by poultry, up 10.8 and 10.7 percent YOY, respectively. Beef and veal prices are up 6.0 percent, and pork is up 7.6 percent.
Forecasts for all of 2022 suggest a further hike in the price of food at home, up 10.5 percent for all of 2022 vs. up 8.2 percent through June. Conversely, the appreciation of food away from home is expected to weaken slightly, in terms of YOY growth, in the second half of 2022. For food at home, the major categories expected to show the most growth in 2022 include other foods and cereals and bakery, both up 12.5 percent YOY, with meats, nonalcoholic beverages, and fruits and vegetables not far behind.
Consumer Price Index food prices
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