Inflation slows again in November

Consumer retail prices in November were up 3.1% compared to a year ago, down slightly from the 3.2% annual inflation rate reported in October.

The Bureau of Labor Statistics reported that the November food index increased 2.9% over the last year, with grocery prices up 1.7% compared with November 2022 and restaurant food prices up 5.3% year over year.

Grocery fruit and vegetable prices in November were up just 0.4% compared with a year ago, the report said.

The index for limited-service restaurant meals rose 6% over the last 12 months, and the index for full-service restaurant meals rose 4.3% over the same period.

The index for shelter continued to rise in November (up 6.5% compared with a year ago), offsetting a decline in the gasoline index (down 8.9% compared with a year ago), according to the report.

Food ticket

The report said the food index rose 0.2% from October to November, after rising 0.3% the previous month.

The index for grocery food increased 0.1% over the month, after rising 0.3% in October, the report said.

Four of the six major grocery store food group indexes increased from October to November.

The index for cereals and bakery products rose 0.5% in November after rising 0.2% in October. The fruits and vegetables index increased 0.3% in November, the report said.

The meats, poultry, fish and eggs index decreased 0.2% in November as the indexes for pork, chicken and beef all declined, the report said.

The restaurant food price index rose 0.4% in November, as it did in each of the previous two months.

The index for full-service meals rose 0.5% and the index for limited-service meals increased 0.4% over the month.