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Grocery food prices remain on the rise

Four of the six major indexes increased in January

Bill Wilson, Senior editor at Supermarket News

February 15, 2024

1 Min Read
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The overall food index also rose 0.4% in the first month of 2024.Getty Images

The price for food at home increased 0.4% in January compared to December, marking the highest monthly increase in a year, according to the latest Consumer Price Index. Food at home has gone up 2.6% over the last 12 months. 

The overall food index also rose 0.4% in the first month of 2024. 

Four of the six major grocery store food group indexes increased in January. Cereals and bakery products was the only index showing a decline at 0.2%. The non-alcoholic index rose 1.2% for the month. The index for other food at home, which contains the index for sugar and sweets, fats and oils, and other foods, spiked 0.6%, while the fruits and vegetables index increased 0.4%. The index for dairy and related products edged up 0.2% in January. The index for meats, poultry, fish, and eggs went unchanged. 

Meanwhile, the food away from home index rose 0.5% last month. 

Overall the price of goods and services increased 3.1% in the 12-month period ending in January. Although it marks a decrease compared to December 2023, when the inflation rate was 3.4%, it is still above the Federal Reserve’s target of  2%. In response, the Fed has raised interest rates to the highest levels since the early 2000s.

 

About the Author

Bill Wilson

Senior editor at Supermarket News

Bill Wilson is the senior editor at Supermarket News, covering all things grocery and retail. He has been a journalist in the B2B industry for 25 years. He has received two Robert F. Boger awards for his work as a journalist in the infrastructure industry and has over 25 editorial awards total in his career. He graduated cum laude from Southern Illinois University at Carbondale with a major in broadcast communications.

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