Inflation slows in June
Boosting optimism in the economy, June retail prices showed year-over-year inflation slowed to 3%.
That is the smallest 12-month increase since the period ending March 2021, according to the Consumer Price Index report from the Bureau of Labor Statistics.
The all-items index, minus the food and energy indexes, rose 4.8% over the last 12 months, the report said.
The energy index is down 16.7% for the 12 months ending June, while the food index is up 5.7% over the last year.
The food at home (grocery) index rose 4.7% over the last 12 months, the report said. The index for food away from home (restaurant and foodservice) rose 7.7% over the last year, the report said. The index for full-service meals rose 6.2% over the last 12 months, and the index for limited-service meals rose 7.8% over the same period, according to the report.
June numbers
The grocery price index was unchanged in June, following a 0.1% increase in May. Inflation was elevated for fruits and vegetables compared with other food groups, the report said. The index for fruits and vegetables increased 0.8% in June, following a 1.3% increase in May. The cereals and bakery products index rose 0.1% in June.
However, egg prices fell 7.3% in June, and the price index for meats, poultry, fish and eggs decreased 0.4% in June.
The food away from home (restaurant) index rose 0.4% in June. The index for full-service meals increased 0.3% over the month, and the index for limited-service meals increased 0.4%.
June 2022 to June 2023 retail fresh fruit and vegetable inflation rates (via Bureau of Labor Statistics):
- Fresh fruits and vegetables: up 1.1%.
- Fresh fruits: up 0.3%.
- Apples: up 4.5%.
- Bananas: up 0.3%.
- Citrus fruit: down 5.5%.
- Oranges, including tangerines: down 5.6%.
- Other fresh fruit: up 2.6%.
- Fresh vegetables: up 2.1%.
- Potatoes: up 6.5%.
- Lettuce: up 5.5%.
- Tomatoes: up 0.1%.
- Other vegetables: up 1.2%.
