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Food Costs in U.S. Moderate in October

11/14/2022

On Thursday, October 10th, the Department of Labor, Bureau of Statistics reported an increase in the CPI during October, up 0.4 percent, following a 0.8 percent rise for the previous month.  The Food Index increased by 0.6 percent in October following a 0.8 percent increase in September, representing a measure of moderation. 

 

The Food-at-Home Index rose 0.4 percent.  Within this figure, the category comprising Meats, Poultry, Fish and Eggs rose 0.6 percent during the month, 0.1 percent higher than during September.  The Index for Cereals and Bakery Products increased 0.8 percent in October, possibly due to the rise in the price of wheat resulting from drought in the U.S. and the invasion of Ukraine by the Russian Federation.

 

Food-Away-from-Home rose 0.9 percent in October with corresponding increases for the two previous months.

 

Over the past 12-months, the CPI rose 7.7 percent for the period ending October.  All food was up 10.9 percent with a breakdown of At-Home recording an increase of 12.4 percent but Food Away-From-Home rose 8.6 percent.  Within this category, full-service meals were higher by 9.0 percent and for limited-service meals, by 7.1 percent.