by Kim Souza (ksouza@talkbusiness.net)

The Consumer Price Index for all consumers rose 0.4% in September from August and all prices were up 8.2% year-over-year, according to U.S. Bureau for Labor Statistics released Thursday (Oct. 13.) Inflation slightly exceeded expectations of 8.1% annually.

The report showed all six major grocery store food groups saw higher prices with cereals and bakery products costing 16.2% more than a year ago. Dairy and related products cost 15.9% and the remaining grocery store food groups posted increases ranging from 9% on meats, fish and eggs to 15.7% for other food products, BLS reported. Restaurant food costs rose 13% year-over-year which was also pushed higher by expanding free lunch programs at many schools, BLS said.

Mark Zandi, chief economist at Moody’s Analytics, expects inflation pressures to moderate in the next six months. He said consumer inflation should moderate from 8% to 4% in the next six months, but it will take much longer to get to the Fed’s targeted 2% to 2.5%.

https://talkbusiness.net/2022/10/grocery-prices-rise-13-in-september-from-year-ago/