Walmart grocery store bread aisle, Grovetown, USA, 29 April 2022 (Image credit: Wirestock Creators // Shutterstock.com

Increases in US grocery prices continued to slow in April on an annualised basis, with the overall consumer price index rising by the least in two years.

The cost of a basket of food stuffs and non-alcoholic beverages rose 7.7% in the 12 months through April, compared to 8.5% in March and 9.5% in February. Food and drinks inflation hit a peak of 11.4% last August.

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Cereals and bakery products led last month’s increase, up 12.4%, the Bureau of Labor Statistics reported today (10 May). The cost of non-alcoholic drinks climbed 9.5% and the prices of dairy products rose 8%. Meat, poultry, fish and eggs were up 2.8%, while fruit and vegetables increased 2% over the year.

Measured on a month-on-month basis, the consumer price index for food and soft drinks was flat, as it was in March, after rising 0.4% in February. In individual component terms, prices fell.

Dairy costs were down 0.7% as the milk index fell 2%, the largest decline since February 2015, the Bureau said. Fruit and vegetables dropped 0.5% and meat, poultry, fish and eggs declined 0.3%. Cereals and bakery products bucked the trend, increasing 0.2%.

The Bureau’s all-items index of consumer prices – the headline measure – rose 4.9% in the 12 months through April, the smallest annual increase since the period to April 2021.

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On a month-on-month basis, it climbed 0.4%, accelerating from 0.1% in March.

The index measuring food consumed at home fell 0.2% over the month,
while the cost of eating out rose 0.4%.

On an annualised basis, food away from home rose 8.6%.