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Month-over-month CPI food prices from the BLS, chart by Mish.
Month-Over-Month Details For November
- Meat, Fish, Poultry, Eggs: -0.2%, up 9 of 11 months in 2022
- Cereals and Bakery:+1.1%, up 11 of 11 months in 2022
- Dairy: +0.7 percent: up 11 of 11 months in 2022
- Fruits and Vegetables: up 1.4%, up 9 of 11 months in 2022
- Nonalcoholic Beverages: -0.3%, up 10 of 11 months in 2022
- Other Food at Home: -0.1%, up 10 of 11 months in 2022
Three Major Food Categories
Trifecta and Perfecta
- Trifecta: Food and beverages, food at home, and food away from home all rose 0.5 percent in November.
- Perfecta: The price of food in all three major categories rose every month so far this year. Cereals and diary are also up every month this year.
The minimum rise for food away from home in any month this year is 0.3 percent. It’s 0.5 percent for food and beverages and also 0.5 percent for food at home.
2022 Medal Winner Leaders
Cereal appears headed for the gold medal for sustained gains. It rose at least 0.8 percent every month this year. But it needs another good performance in December. Can it hold on?
Dairy is a strong favorite to win the gold and silver medals for the biggest month-over-month gains of 2.4 percent in April backed up up by an even bigger 2.6 percent in May.
Cereal rates to get the bronze medal for a 2.1 percent rise in June.
CPI With a Spotlight on Food
Year-Over-Year the CPI is up 7.1 percent.
Food and beverage, food at home, and food away from home are up 10.3 percent, 12.0 percent, and 8.5 percent respectively.
CPI Six Food Categories Year-Over-Year
Scroll to Continue
Heading into the final month of the year, it’s a tight race for the 2022 year-over-year gold medal.
Cereals and dairy are tied for the lead at 16.4 percent with other food at home a distant third at 13.9 percent.
I will award the 2022 medal winners next month. Place your bets. Will it be cereal or dairy? Can both hold on for perfectas?
CPI Cools Significantly in November But Rent and Food Still Sharply Increasing
The CPI cooled in November but significant hot spots remain, notably shelter and food.
For more on the CPI, please see CPI Cools Significantly in November But Rent and Food Still Sharply Increasing
Apologies for the title. The CPI did not really cool. Rather, the year-over-year and month-over-month increases slowed. Shelter is significant. See link for details.
Many expected the cost of shelter to decline significantly, but I was not one of them.
For my shelter and rent analysis ahead of the CPI report, please see Ignore the Pundits, Don’t Expect Big Declines in the Price of Rent
Also note Producer Prices Rise 0.3 Percent in November Led by Services and Food
This post originated at MishTalk.Com.
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Mish
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