Summary
In September 2024, food prices in the U.S. experienced a notable increase, contributing significantly to the overall rise in inflation. The consumer price index (CPI) for food rose by 0.4% from the previous month, with specific categories such as meats, poultry, fish, and eggs seeing particularly sharp increases.
This uptick in food costs comes amid broader inflationary pressures, with the overall CPI rising 2.4% year-over-year, surpassing economists’ expectations. Rising food prices accounted for a substantial portion of this inflation, with the annual gain for food reaching 2.3%. Additionally, the price index for eggs surged by 8.4%, while the fruits and vegetables index increased by 0.9%. These trends highlight ongoing challenges in the grocery sector, as five of the six major food group indexes reported increases, indicating that consumers continue to face higher costs for basic necessities.
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