Food Prices Log Biggest Jump Since ’74

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The prices that consumer paid for food at grocery stores jumped 2.6% for the month of April, the Bureau of Labor Statistics reported — the biggest one-month increase since February 1974.
The top-line Consumer Price Index figure for April actually dropped 0.8%, largely due to the collapse in energy consumption and cost. Prices paid for meat, poultry, fish and eggs rose 4.3%. In other categories, the prices of fruits and vegetables rose 1.5%, and for cereals and bakery products, up 2.9%.
According to data for the week ending May 3, meat department dollar sales were up 51.3% and volume increased 37.2%. Year-to-date through May 3, meat department dollar sales were up 23.3%, boasting double-digit growth for eight weeks running. Year-to-date volume sales through May 3 were up 17.1% over the same period in 2019.
Excluding food and energy, which tend to be volatile and so skew the data, what is called the core CPI fell 0.4%, its largest one-month drop since 1957.

Source: meatingplace.com, 5-13-2020

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