For the first time since 2020, food prices in the US have decreased: what has become cheaper

Food prices finally fell in March, according to data released on April 12 by the Bureau of Labor Statistics. This is the first decline since September 2020. Read more about this publication CNN.

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Of the six major food group indices, three fell in price from February to March. The index of meat, poultry, fish and eggs decreased by 1,4%.

Fruits and vegetables fell in price by 1,3%, and dairy products - by 0,1%. Other indexes for soft drinks, cereals and bakery products, as well as all other groceries rose.

While the monthly decline is a relief, the products are still expensive year on year. During the year (from March 2022 to March 2023), food prices jumped by 8,4%, exceeding the headline inflation of 5%. Prices on the menu have increased by 8,8% during this time.

Prices for a number of foodstuffs increased significantly during the year. Eggs went up by 36%, margarine - by 33,4%, flour - by 17,5%, potatoes - by 9,7%, cheese - by 8,2%, milk - by 5,5%.

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Some prices fell during the year: bacon fell 5,5%, raw beef roast fell 4,4%, and raw ground beef fell 1,4%, although meat is still relatively expensive given how much prices have risen. in 2021. The cost of fresh fruit fell by 1,5%.

Food prices are affected by various factors, such as drought or floods, fuel prices, and international events such as the war in Ukraine.

But American consumers, who have been battling high inflation for months, have recently been ditching more expensive items in favor of lower-priced retail stores and buying cheaper items.

This is a huge shift. According to Adobe Analytics research, the most expensive category of goods decreased from 24,5% in January 2019 to 9% in March 2023. Meanwhile, according to Adobe, the share of the cheapest category of online products grew by 13 percentage points and accounted for almost half of the market.

What went up and down in March

From February to March, seasonally adjusted, the cost of eggs fell most sharply - by 10,9%. Egg prices have risen sharply in previous months, mainly due to bird flu, which has limited supply, and companies taking advantage of the problems to turn a profit. But lately, egg prices have been on the decline.

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In the meat department, ham fell 4,8%, sausages - 2,9%, and raw beef roast - 2,3%. Prices for fish and seafood fell by 1,2%.

Oil fell in price by 6%, lettuce by 5,7%. Fresh fruits and vegetables overall fell in price by 1,7%, and peanut butter by 2,3%.

True, some goods rose in price in March, for example, breakfast cereals - by 2,4%, ice cream - by 1,2%, and salt, seasonings and spices - by 1,7%.

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