Food prices are remaining stubbornly high even as inflation is at least slowing down for other goods and services, according to the latest government figures.
The Consumer Price Index increased only 0.1% overall in November, but food prices went up 0.5%. The 12-month rise was 7.1% overall; for food alone, it was 10.6%.
“The headline inflation numbers are encouraging for the general economy, but consumers are not being relieved at the grocery store,” a Michigan State agricultural economics professor said in remarks reported in the Idaho Capital-Sun.
Individual food categories are spiking even higher, with producer egg prices rising 266% year-over-year in October, and vegetables going up 80% year-over-year in November. Grocery prices are remaining high even though prices for some basic food commodities, like wheat and sugar, are coming back down. Factors include the continuing war in Ukraine and high costs of other expenses, including labor and energy.
