Consumer Price Index: Bacon & Eggs Cost You 8.4% More on Your Grocery Bills
According to the latest consumer price index, released on April 12 by the Bureau of Labor Statistics, inflation rates for March 2023 rose 0.1% month over month. It’s the lowest increase in inflation since May 2021.
Inflation overall remains 5% higher than this time last year and consumers feel the impact in core areas of their budget.
March numbers saw consumer savings in the food at home index which showed the price of eggs dropped 10.9% in March, while the overall meat, poultry fish and egg index only dropped 1.4%. Fruits and veggies declined 1.3% in price and dairy products saw a 0.1% drop.
Because the food away from home index increased 0.6% the overall cost of food stayed the same from February to March. Overall, eating at home still costs 8.4% more than it did in March 2022, while eating out costs 8.9% more.
Shelter remained a driver for inflation again in March with the index increasing again by 0.6%. The other index that rose significantly was airline fares which increased 4.0%.
The price of gas dropped again in March, along with the price of used cars and trucks. Consumers also saw a drop in medical services.
Here is a breakdown of inflation changes for March 2023:
|Index||Change Month Over Month||Change Year Over Year|
|Food at home||-0.3||8.4|
|Food away from home||0.6||8.8|
|Gasoline (all types)||-4.6||-17.4|
|Used cars and trucks||-0.9||-11.2|
|Medical care services||-0.5||1|
The Consumer Price Index has been put out by the Bureau of Labor Statistics each month since February 1921. It is a measure of the average change in the cost of goods for consumer goods and services. Indexes measure price changes in food, energy, cars, housing, travel expenses and more.
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