Grocery Food Inflation Maintains 10% Hike

A Bureau of Labor Statistics report on consumer prices released this week has grocery food inflation maintaining a 10% hike. However, the report pegs year-over-year inflation at the end of February at 6%. Consumer prices increased by 0.4% last month, a slight decline from January. The grocery food index rose 10.2% during the previous 12 months, with cereals and bakery products climbing a whopping 14.6% in the same time.

Other food group staples include fruits and vegetables, climbing from 5.3% to 12.4%. It’s no secret that eggs dominated the pain in the wallet, rising 55.4% in 12 months. Restaurant (food away from home) prices climbed 8.4%. As February’s increased costs for shelter subside into spring, inflation could begin to see a different pattern later in 2023.

Read more on grocery prices and food inflation here.