Grocery prices rise 13% in September from year-ago

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/

Grocery prices rose 15.1% in June from a year ago

by Kim Souza (ksouza@talkbusiness.net)

Consumers are seeing record grocery prices with the latest inflationary report indicating prices are up 15.1% from a year ago and up 7.4% since the start of 2022, according to marketing firm Numerator.

Overall grocery prices continued to rise in June with beverages seeing the largest impact. While spending remained elevated, optimism is at an all-time low as consumers switch to club and dollar stores to save, Numerator reports.

The grocery retail categories most impacted include frozen meat up 28%, chips up 26%, poultry up 25%, water up 22%, milk and milk substitutes up 17% in the four-week period ending July 3, compared to the same time last year. Beverages are the most impacted department in the grocery sector. Among the top-selling categories in the grocery sector, five beverage categories rank in the top 10 for highest inflation rates. Juice and coffee prices are up 17% along with sports drinks. Soft drink prices increased by 14%. Beer prices rose 6% while wine cost 5% more in June. Spirits prices were up 3%, according to the Numerator data.

https://talkbusiness.net/2022/07/grocery-prices-rose-15-1-in-june-from-a-year-ago/