USDA reported food inflation of 0.8 percent in August, putting prices last month up 11.4 percent YOY. Year to date, all food inflation is up 8.2 percent from last 2021.
The major categories showing the highest YTD change in 2022 include fats and oils, cereal and bakery, other foods, nonalcoholic beverages, dairy products, poultry, meats, and processed foods and vegetables.
Source: USDA, BLS, McKeany-Flavell
Among the most significant categories in the CPI, those showing faster gains in August included cereal and bakery products, other foods, processed fruits and vegetables, nonalcoholic beverages, and sugar and sweets.
In the aggregate, meats, poultry, and fish were flat in August: depreciation for meats, fish, and seafood all offset by pricier poultry, up 0.8 percent MOM. Similarly, fresh fruits and vegetables were only up 0.1 percent on gains of 1.0 percent in fresh vegetable prices and a drop of 0.6 percent in fresh fruit prices.
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