Steaks, pork chops, and milk cost less than they did a year ago, said the Labor Department on Tuesday in reporting that grocery prices rose by 1 percent in the past 12 months. The overall food inflation rate, which includes groceries, carry-out food, and restaurant meals, was 2.2 percent, the lowest rate since May 2021.
Prices for beef steaks were 1.5 percent, pork chops 3.4 percent, chicken 1.3 percent, and fresh whole milk 0.3 percent lower than a year ago said the monthly Consumer Price Index report. There was no month-to-month change in food prices during February, said the report.
The USDA forecasts a modest 0.4 percent increase in grocery prices and an increase of 1.3 percent in grocery and food-away-from-home prices this year, ending three years of higher-than-normal food inflation.
At 3.2 percent, the inflation rate for February was higher than 3.1 percent in the previous month and above the Federal Reserve Board’s target of 2 percent. Analysts said the Fed would probably leave interest rates unchanged while assessing whether inflation is under control, reported the New York Times.