Food Prices Were Flat in April, Report Shows

Food prices were flat for a second straight month in April, relief for many Americans who have faced higher costs at the grocery store in recent months.

That is a big improvement from February, when prices rose 0.4 percent over the month.

Prices for food at home fell 0.2 percent in April compared with the month before. Prices for food at restaurants continued to pick up, rising 0.4 percent over the month, a slight decline from 0.6 percent in March.

Despite the relief in food price growth, costs are still much higher than they were before the pandemic. Overall, food prices have climbed 7.7 percent over the last year.

Prices for fruits and vegetables decreased 0.5 percent over the month, and the index for meats, poultry, fish, and eggs also declined 0.3 percent. Prices for milk fell 2 percent, the largest decline since February 2015. Egg prices, which spiked after an outbreak of avian influenza and the cost of fuel, feed and packaging rose, fell 1.5 percent after a 10.9 percent decline in March.

Prices for cereals and bakery products rose 0.2 percent, down from 0.6 percent the month before.

Food prices started shooting up about two years ago as the cost of labor, transportation and raw materials picked up. Other factors, such as the higher cost of marketing and packaging food products, have also resulted in companies passing along those increases to consumers. Weather-related events, such as extreme droughts in the Western United States, have diminished crop yields and pushed up supply costs.

Economists said food prices could be starting to moderate as labor pressures eased and wage growth across the industry slowed in recent months. Recent declines in fuel prices have also helped bring down transportation costs.

The prices that consumers pay for food at restaurants are typically slower to change because more labor costs are involved.

“Americans have had to face significantly higher costs for basic necessities,” said Sarah House, a senior economist at Wells Fargo. “The fact that you’re seeing some easing here is really important for consumers.”


Source link

Related Posts

U.S. Leading Soft Landing for Global Economy

The world is starting 2024 on an optimistic economic note, as inflation fades globally and growth remains more resilient than many forecasters had expected. Yet one country…

Job Market Starts 2024 With a Bang

The United States produced an unexpectedly sizable batch of jobs last month, a boon for American workers that shows the labor market retains remarkable strength after three…

6 Reasons That It’s Hard to Get Your Wegovy and Other Weight-Loss Prescriptions

About 3.8 million people in the United States — four times the number two years ago — are now taking the most popular weight-loss drugs, according to…

Sean Wang Lives His ‘Fairy Tale’ at Sundance

“I feel like I’m in a fairy tale,” Sean Wang said to the sold-out crowd gathered at the Ray Theater in Park City, Utah, last month for…

Meta’s Stock Surges After Jump in Profits

Meta’s stock price soared on Friday, adding hundreds of billions of dollars to the market value of the social media giant that owns Facebook, Instagram and WhatsApp….

He’s Lost His Marriage, His Followers and His Lamborghini

With its streamlined curves and glow-in-the-dark sound system, the silver Lamborghini Huracán Performante was the stuff of teenage fantasy: $350,000 of aerodynamic metals and lightweight upholstery, packed…

Leave a Reply

Your email address will not be published. Required fields are marked *