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.
Food inflation rate is lowest in nearly two years
The U.S. food inflation rate, on the decline since last fall, has fallen to 4.9 percent, aided by the second month in a row of modestly lower prices for meat, poultry, fish, and eggs, said the government on Thursday. It was the lowest food inflation rate since September 2021.