In May, food inflation continued to moderate year-over-year, providing shoppers with much-needed relief, reports The New York Times. Compared to the year before, food prices increased by 2.1 percent in May, down from April’s 2.2 percent over the same period.
In evaluating the month-to-month change, food prices increased by 0.1 percent in May, slightly up from April’s flattening over the same period, according to the report.
Looking into specific categories, fruit and vegetable prices held steady over May after falling 0.8 percent in April, found the report. Additionally, meats, poultry, and fish all increased slightly by 0.3 percent in May after dropping by 0.1 percent in April. Volatile egg prices began to moderate at a lower price, declining by only 0.4 percent after plummeting 7.3 percent in April.
Economists have indicated that they expect food price increases to continue to slow over the next few months. Despite the positive outlook, consumers are still dealing with high grocery bills overall that are much more elevated than from before the pandemic. “Even as food inflation cools, discerning shoppers are exercising their options to get the most out of their grocery dollar,” said Andy Harig, VP of tax, trade, sustainability, and policy development at The Food Industry Association (FMI), in a statement. “Shoppers tell us they’ve employed one or more of 17 commonly used strategies to proactively address their food budgets. Whether it’s looking for more deals, buying in bulk, purchasing more store brands or changing where they shop, consumers continue to pursue strategies solidified over the last several years to find value in a way that best meets their needs.” (SFA)
