Led by lower meat, poultry, fish, and egg prices, the food inflation rate fell to 5.7 percent in June, the lowest annualized figure since October 2021, said the Labor Department on Wednesday. The monthly Consumer Price Index report said that supermarket prices for meat, poultry, fish, and eggs were 0.2 percent lower than a year ago.
Bacon cost 10.1 percent less and eggs prices were 7.9 percent lower than in June 2022, said the government. Fresh whole milk prices were down by 4 percent and citrus by 5.5 percent.
The overall U.S. inflation rate was 3 percent a year, the smallest increase since March 2021. “Today’s report brings new and encouraging evidence that inflation is falling while our economy remains strong,” said President Biden.