Consumer Price Index report

Food inflation dips lower, to 2.2 percent

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.

Food inflation rate falls for 14th month in a row

The U.S. food inflation rate was 3.3 percent over the past 12 months, one-third of its peak in August 2022, said the Labor Department on Tuesday. The food inflation rate was down 0.4 points from the previous month's annualized rate of 3.7 percent and down for the 14th month in a row.