The Consumer Price Index data released earlier this week found grocery product inflation up 0.5% on a seasonally adjusted basis in November. A new data analysis by Supermarket News has determined what is driving this increase.
According to the analysis, four of the six major grocery store food group indexes are responsible for the spike: fruits and vegetables (up 1.4%); cereals and bakery products (up 1.1%); dairy and related products (up 1%) and nonalcoholic beverages (up 0.7%).
On the flip side, the index for meats, poultry, fish, and eggs dipped by 0.2% in November ”“ with declines of 0.8% for beef prices, 0.3% for pork, and 0.1% for the other items.
President Joe Biden viewed the data as a positive development, telling a press conference that “food inflation has slowed last month, providing much-needed relief for millions of families at the grocery store. This is welcome news for families across the country as they get ready for the holiday celebrations and for family dinners.”
