Food inflation slows in October
The year-over-year pace of inflation slowed to 7.7% in October, a new Consumer Price Index report reveals.
The CPI report from the Bureau of Labor Statistics said the inflation index rose 0.4% in October compared with September on a seasonally adjusted basis, the same increase as reported in September.
The October inflation measure was slightly lower than most economists expected, according to Bloomberg reporting, and spurred a rise of more than 800 points in the Dow Jones Industry Average on Nov. 10.
The index for shelter contributed over half of the monthly all items increase, with the price indexes for gasoline and food also increasing, according to the report.
The energy index increased 1.8% over the month as the gasoline index and the electricity index rose, but the natural gas index decreased.
Food inflation cools
The food index increased 0.6% in October following a 0.8% increase in September, the report said. The grocery food index rose 0.4% in October, the smallest monthly increase in this index since December 2021, the report said.
Four of the six major grocery store food group indexes increased over the month.
The grocery index for meats, poultry, fish and eggs rose 0.6% over the month while the index for cereals and bakery products increased 0.8% in October.
In contrast, the index for fruits and vegetables fell 0.9% over the month after increasing 1.6% in September, the report said. The index for fresh fruits fell 2.4%, and the index for fresh vegetables fell 0.5%.
The grocery food index rose 12.4% over the last 12 months, the report said.
The food away from home (foodservice) index rose 0.9% in October, the same as it did in August and September.
The inflation index for full-service meals increased 1.1% in October, and the index for limited-service meals increased 0.8% over the month.
The index for foodservice meals rose 8.6% over the last year, the report said. The index for full-service meals rose 9% over the last 12 months, and the index for limited-service meals rose 7.1% over the same period.
Inflation rate: October 2022 price index for fresh produce items, with percent change compared with year-ago October 2021 (unadjusted)
- Fresh fruits and vegetables: 7.4%
- Fresh fruits: 6.6%
- Apples: 4.8%
- Bananas: 4.8%
- Citrus fruits: 8%
- Oranges, including tangerines: 10.8%
- Fresh vegetables: 8.3%
- Potatoes: 15.2%
- Lettuce: 17.7%
- Tomatoes: 0.9%
