Food price inflation is easing down into so-called “normal” levels. Gary Crawford has more in today’s This Land of Ours report.
The new Consumer Price Index shows that during September, prices for all items in the economy rose two-tenths of 1 percent, putting the inflation rate 3.7 percent higher than this time a year ago. However, for food at the grocery store, things are looking a little better on the food side. USDA economist Megan Schweitzer says that last month’s grocery store food prices overall rose by 0.1 percent in September. They were 2.4 percent higher than a year ago and that 2.4 percent number is significant.
“Two point four percent is right in line with what food prices for food at home have changed over the past twenty years,” Schweitzer said.
That’s considered a normal rate of food price inflation normal during September, prices actually went down for several food categories. Fish and seafood, fats and oil such as butter, fresh vegetables, cereal and bakery products.
Gary Crawford reporting for the US Department of Agriculture.
Listen to Gary Crowford’s report on Food Price Inflation here.