Food Prices Steady

Food Prices Steady in June Despite Rising Cost of Beef: CPI Data

In News, Trends by Kristen Runvik0 Comments

After five months of increasing food prices, the numbers in June are unchanged compared to May, says the latest Consumer Price Index for All Urban Consumers (CPI-U) report, released on Friday.

Read on for more food-related details from the report.

Food at home prices fell

Eating at home was more affordable for consumers last month, as five of the six major grocery groups declined in price. Meat, which increased in price due to the rising cost of beef, was the exception.

  • Meats, poultry, fish, and eggs increased 0.6%
  • Cereals and bakery products fell 0.1%
  • Dairy and related products fell 0.5%
  • Fruits and vegetables fell 0.1%
  • Nonalcoholic beverages index fell 0.6%
  • Other food at home fell 0.3%

Prices for food at home continues downward trend

Over the past year, food at home prices slightly declined between June 2016 and June 2017. Despite price fluctuations for meat in May and June, the overall annual prices for meats, poultry, fish, and eggs have declined. Cereals/bakery products and other food at home prices also dropped. Alternatively, the prices for fruits and vegetables, dairy and related products, and nonalcoholic beverages went up.

Trends show food away from home is getting more expensive

In the last 12 months, eating away from home got more expensive for consumers. Overall costs for food away from home rose 2.2%.

Beef prices are on the rise

The price of beef rose 2.9% in June. Australia and New Zealand are limiting exports, and the U.S. domestic supply is lower. Some suspect a new trade agreement that allows the U.S. to export beef to China is to blame for rising prices, too.

Click here to see the latest CPI report.

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