Lower prices for meat, poultry, fish and eggs were the driving factor for a slight decline in grocery prices during August, the second month in a row that supermarket prices were down, said the monthly Consumer Price Index. Despite the decreases, food inflation ran at 4.6 percent in the past 12 months, rising far more rapidly than the overall U.S. rate of 1.3 percent.
After soaring because of coronavirus outbreaks among packing plant employees, meat prices are on the decline for the first time this year and are headed lower, said the USDA on Tuesday.
Food stamp benefits will rise by 5.3 percent in October, to a maximum of $680 per month for a family of four in the continental United States, said the USDA Food and Nutrition Service on Wednesday. The cost-of-living adjustment was announced even as anti-hunger groups are calling for a temporary 15 percent increase in SNAP benefits during the pandemic.
Grocery prices will rise a modest 1.5 percent in 2021, close to the long-term average and half of the larger-than-usual increase expected this year, said the USDA in its first forecast of food inflation in the new year.
Grocery prices will rise by a higher-than-average 3 percent this year, due largely to the coronavirus-propelled surge in the cost of meat, poultry, and fish at the supermarket, forecast the USDA on Thursday. It would be the largest annual increase since 2011. (No paywall)
Food prices rose sharply for the second month in a row, with beef recording its largest one-month increase ever, as the U.S. food inflation rate hit 4 percent in May, said the Bureau of Labor Statistics on Wednesday. It is the highest rate since January 2012. While food prices surged, the overall U.S. inflation rate for the past 12 months was a tiny 0.1 percent. (No paywall)
Americans will eat more chicken, already their favorite meat, as stay-at-home orders have consumers shopping at the supermarket rather than going to restaurants, said ag lender CoBank on Thursday in assessing the impact of the coronavirus pandemic on food producers and processors. (No paywall)
Although U.S. food prices generally show small increases from year to year, the USDA says prices for "food away from home," a category that includes restaurants, carry-out food and institutional meals, rose 3.1 percent in 2019. That's the largest increase since 3.5 percent in 2009 and is part of a pattern in which the price of food away from home rises more rapidly than retail prices for groceries.
Organic food is everywhere, from nationwide retailers to the local corner store, and facing increased price competition that slowed sales growth to its lowest rate since 2009, said the Organic Trade Association in an annual report on Wednesday.
Led by “much weaker” vegetable oil, dairy, and grain prices, the UN Food and Agriculture Organization’s index of global food prices fell to its lowest level since May 2016. The price of vegetable oil dropped to a 12-year low.