showed food prices rising 0.4% over the month, an acceleration from December’s 0.2% increase. Year-over-year, however, the rate decreased from 2.7% in December to 2.6% in January. analysis highlighted yearly food inflation data and quotes from companies bringing prices back to “normal” because of consumers “pushing back” — “good news for grocery shoppers, restaurant diners and the White House.
From December to January, grocery prices accelerated 0.4%, up from 0.1% the month prior, according to the latest Consumer Price Index released Tuesday. Compared to a year ago food inflation has improved. Grocery prices are up 1.2% year-over-year, the slowest annual rate since June 2021 and well below the 13.5% surge in August 2022.Few prices are as visible to Americans as the ones they encounter at the grocery store or drive-through window, which is why two years of rapid food inflation have been a major drag for U.S. households and the Biden administration.
Shoppers have only slowly regained confidence in the state of the economy as they pay more to fill up their carts, and President Biden has made a habit of shaming food companies — even filming a Super Bowl Sunday video criticizing snack producers for their “rip off” prices.As the Keystone State saw inflation last year dig deeper into residents’ wallets than any other state, one Philly-based food supplier is warning that the fight may not be over yet.
"We're concentrating all the time on having enough product and the right product for our customers," TMK Produce’s buyer-sales lead Mike Watson told FOX Business’ Jeff Flock during an appearance on"Varney & Co." Monday."And, we can see that they're resistant to some of these higher prices as they continue."
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