According to The New York Times, food price inflation remained moderate in May compared to a year ago, providing some much-needed relief to shoppers. Compared to a year ago, food prices rose 2.1% in May, down from 2.2% for the same period in April.
Assessing month-on-month changes, food prices rose 0.1 percent in May, up slightly from the flat figures in April for the same period, the report said.
Looking at specific categories, the report found that fruit and vegetable prices remained steady in May after falling 0.8% in April. Additionally, meat, poultry and fish all increased slightly by 0.3% in May after falling 0.1% in April. Volatile egg prices have begun to settle at lower prices, declining only 0.4% after plummeting 7.3% in April.
Economists expect food price increases to continue to slow in the coming months. Despite the brightening outlook, consumers are still struggling with grocery bills that are much higher than they were before the pandemic.
“Even as food inflation subsides, smart shoppers are leveraging their options to get the most out of the money they spend on groceries,” Andy Harig, vice president of tax, trade, sustainability and policy development at the Food Industry Institute (FMI), said in a statement. “Shoppers told us they are employing one or more of 17 commonly used strategies to proactively manage their food budgets. Whether it’s looking for better deals, buying in bulk, buying more private label brands or changing where they shop, consumers continue to pursue strategies established over the past few years to find value in the way that best suits their needs.” Read the full story (subscription required)
