Egg prices fell nearly 11 percent during March, contributing to the first decline — 0.3 percent for the month — in grocery price inflation since September 2020, said the Labor Department on Wednesday. The overall food inflation rate, which includes restaurant meals, takeout food, and school cafeterias, was down for the seventh month in a row.
Americans spend 13.5 cents of each $1 in disposable income on food. The bulk of that, 8.7 cents, pays for groceries. The remaining 4.8 cents is spent on food away from home.
The monthly Consumer Price Index report said prices declined during March for three of its six categories of groceries. Meats, poultry, fish, and eggs dropped 1.4 percent, fruits and vegetables were down 1.3 percent, and dairy dipped 0.1 percent. Prices in the other three categories rose, led by “other food at home,” where prices were up 0.4 percent. That follows a 0.3 percent February rise in the category, which includes snacks, baby food, sweets, butter, and frozen food.
The overall food inflation rate for the past 12 months was 8.5 percent; last month, it was 9.5 percent. The food inflation rate peaked at 11.4 percent last August. The Bureau of Labor Statistics said the U.S. inflation rate for the past year was 5 percent.
Along with the decline in grocery prices, said Agriculture Secretary Tom Vilsack, food prices were stable during March. “That’s good news for American families!” he said on social media.