US Grocery Prices Slip 0.1% in July as Beef, Produce and Coffee Jump Over 9%
Updated
Updated · AOL · Aug 18
US Grocery Prices Slip 0.1% in July as Beef, Produce and Coffee Jump Over 9%
3 articles · Updated · AOL · Aug 18
Summary
July grocery prices edged down 0.1% from June, but food-at-home costs were still 2.7% above a year earlier, lower than the 3.4% overall inflation rate.
Fresh fruits and vegetables rose 5.5% year over year, beef and veal 9.4%, and coffee more than 10%, with analysts tying the pressure to earlier Iran-war diesel shocks, drought and weather-related supply damage.
Tomatoes climbed 12.8% from a year earlier and apples 11.1%; tomato prices still fell 3.9% from June, even as weaker Mexican output and a tariff kept supply tight.
Some categories offered relief: egg prices dropped 25.7% from a year earlier as bird-flu shortages eased, and lettuce fell 15.1% from June after a cyclosporiasis outbreak hurt demand.
The mixed July data suggest the spring food-price spike has cooled, but staple categories remain vulnerable to fuel swings, crop losses and trade costs.