March doubled February’s 0.2% increase in food prices with a 0.4% rise, according to the latest Consumer Price Index. Another spike in egg costs was the primary driver of the month’s price jump.
Food at home
The food at home index surged 0.5% in March, reflecting increases in four of the six major grocery store food groups.
A 5.9% jump in egg prices and a 1.2% rise in beef prices fueled a 1.3% increase in the meat, poultry, fish, and eggs index. And price increases in dairy and related products (+1.0%), nonalcoholic beverages (+0.6%), and other food at home (+0.5%) reversed February’s decreases. Meanwhile, the fruits and vegetables index dropped by another 0.5%, and there was a slight 0.1% price decrease in cereals and bakery products.
Over the past year, the food at home index has gone up 2.4%. There was a 7.9% increase in the meats, poultry, fish, and eggs index during that time, thanks to a 60.4% surge in egg prices. In the same period, prices dropped by 0.7% for fruits and vegetables.
Food away from home
There was another 0.4% increase in the food away from home index in March, with both full service meals (0.6%) and limited service meals (0.2%) contributing to the rise. Food away from home experienced a total increase of 3.8% over the last 12 months.
