June CPI up 0.1% for all food down 0.1% for food at home
ERS estimated the Consumer Price Index (CPI) for all food up about 0.1 percent in June, nearly flat on a minimal drop of 0.1 percent in the price of food at home mostly offset by a more aggressive appreciation of 0.4 percent for prices of food away from home.
For food at home, a handful of categories did show appreciation in June, including meats, processed fruits and vegetables, sugar and sweets, and cereal and bakery. (Though prices for cereal and bakery products rose marginally only, that category has a strong 8.7 percent share of the entire food CPI, just under the share of 11.0 percent for all fruits and vegetables.)
Average 2023 food CPI is up 5.2 percent for the year to date, though ERS now estimates that the full 2023 average will be up 5.8 percent YOY. The CPI is expected to grow less than half that, 2.4 percent, on average in 2024.
The St. Louis Fed estimated that food CPI for urban consumers rose 0.3 percent in July (basis 1982-1982, not seasonally adjusted).
The full version of this commentary appeared on our IQ platform Aug. 10, 2023. Further information on the Consumer Price Index is available to IQ subscribers.Learn more about becoming a subscriber.
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