The general inflation numbers may look better, however staples are still much higher YOY.
There is one notable exception to good news on inflation, with particular significance for how ordinary Americans experience the economy.
Driving the news: Food prices keep soaring, with grocery prices up 0.5% in November alone. That followed an 0.7% rise in September, and 0.4% in October.
- There is no relief to be found by going to a restaurant, either. The price of food away from home rose 0.5% in November, following two straight months of 0.9% gains.
By the numbers: Over the last year, bread is up 15.7%, milk is up 14.7%, butter and margarine up 34.2%, lettuce up 19.8%, and chicken up 12%.
- The price of eggs is up an astounding 49.1%, caused in significant part by an outbreak of bird flu that has killed millions of egg-laying hens.
Between the lines: Food at home accounts for only 8.5% of the overall CPI, so these price surges don’t have that big an effect on overall reported inflation. They are excluded entirely from “core” inflation measures that aim to strip out volatility.
Axios Macro By Neil Irwin and Courtenay Brown · Dec 13, 2022