Shoppers will be relieved to know that grocery prices have remained steady in June following a significant hike in May, according to the Bureau of Labor Statistics' Consumer Price Index. Although food prices have risen more than overall inflation, the rate of increase has been slowing in recent months. In the past 12 months, food prices went up by 5.7%, while inflation grew by 3%. Grocery store prices also grew 4.7%, while menu prices went up by 7.7%.
Jared Bernstein, chair of the Council of Economic Advisers, a group that advises the president, told CNN that the grocery increase in the year through June was "the lowest annual increase since September 2021." From May to June, egg prices, which were at an all time high about five months ago, were down 7.3%. The prices of certain meat products — including ham, pork, bacon and certain cuts of beef — dropped, alongside milk and cheese prices.
However in addition to the price decreases, there were a few items that saw overall price increases: uncooked ground beef, breakfast cereal, chicken and flour. The price of fruits and vegetables as a category also rose nearly 1%.
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