New Data Shows Grocery Prices Have Eased For The Second Month Straight
While general consumer costs spiked in April, grocery prices have steadily declined for the second month in a row, according to the latest consumer price index report released by the U.S. Bureau of Labor Statistics. The index, which measures price changes in consumer goods, had an overall increase of 0.4% in April.
The main contributors to the increase were the cost of housing, used cars, and gasoline. However, grocery prices declined by another 0.2% in April after a 0.3% decrease the previous month. Though prices appear to be falling, grocery costs are still up 7.1% compared to April 2022.
Although your grocery bill may be steadily going down, dining out has gotten a bit more expensive. The cost of food away from home, which includes restaurants, jumped by 0.4% in April, yet another increase from March. This report comes after the United Nations released the Food Price Index, which indicated that global food prices have increased for the first time in a year.
Cost of meat is down, but cereal prices have jumped
While it might appear that general grocery prices are declining, a closer look shows that certain grocery staples are not feeling the same effect. Some items are facing a slight increase in prices since March. According to the U.S. Bureau of Labor Statistics, cereal and baked goods, such as crackers, breakfast cereals, and muffins, have risen in cost in April.
On the other hand, several everyday grocery staples have gone down in cost. For example, the price of certain types of meat has significantly decreased. In particular, pork products, including bacon, ham, and sausage, have seen the largest decrease at 1.2%. Fish and seafood as well as milk have also declined in costs by 0.7% and 2%, respectively. Fruit and vegetable prices have also dwindled, with the cost of oranges seeing the greatest decline of 3.8%, followed by tomatoes at 2.0%. Meanwhile, egg lovers saw another drop in egg prices by 1.5%, after seeing a whopping 10.9% fall in cost in March.