As core inflation hit a 40-year high for the second time this year, food prices rose aggressively for the second month in a row in September, according to the Bureau of Labor Statistics (BLS).
On a monthly basis, the cost of food increased by 0.8% in September, the same rate as August, with a 0.7% increase in the price of groceries and a 0.9% in food away from home, the BLS reported Thursday. On a yearly basis, the cost of food at home is up 13%, while the cost of food away from home rose 8.5%, bringing the overall food index to 11.2% on a yearly basis, slightly below the 11.4% set in August which set a record for the largest annual increase since 1979.
“The food at home index rose 0.7 percent in September as all six major grocery store food group indexes increased,” the BLS wrote. “The index for fruits and vegetables rose 1.6 percent, while the index for cereals and bakery products rose 0.9 percent over the month. The index for meats, poultry, fish, and eggs rose 0.4 percent over the month while the index for nonalcoholic beverages increased 0.6 percent in September. The dairy and related products index rose 0.3 percent in September, the same increase as the previous month.”
Once again, hotter than expected US #inflation numbers for both the core and headline measures… and, therefore, bad news for the #FederalReserve and #markets and, more importantly, the #economy and especially the most vulnerable segments of society.
— Mohamed A. El-Erian (@elerianm) October 13, 2022
On a yearly basis, the cost of key grocery products like cereals and bakery products rose 16.2%, fruits and vegetables rose 10.4%, dairy products rose 15.9% and meats, poultry, fish and eggs rose 9%.
The harsh report comes just one month after President Joe Biden held an event celebrating the passage of the Inflation Reduction Act, which Biden claimed was helping reduce inflation “at the kitchen table.” Despite its name, the act, which was signed into law on Aug. 16, will likely have little to no impact on the course of inflation.
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