Posted on October, 14, 2024 at 05:45 pm
The Consumer Price Index for baked foods and cereal products increased 0.1% in September, according to the Bureau of Labor Statistics of the US Department of Labor. The index for all food at home also advanced, rising 0.4%.
“The latest CPI numbers demonstrate that taming inflation continues to be an uneven process,” said Andy Harig, vice president of tax, trade, sustainability and policy development at FMI — The Food Industry Association. “Food prices are driven by many factors and can be volatile, as demonstrated by September’s 0.4% increase in the food-at-home CPI. But we shouldn’t let a single month’s data obscure the very real progress that has been made addressing food price inflation — on a year-over-year basis, food-at-home inflation came in at 1.3%, a very strong showing.
“Food-at-home price increases remain cooler than food away from home. Food from grocery stores is still the most economical option for consumers, as evidenced by food inflation continuing to be markedly lower than both ‘core’ and overall inflation.
“We remain cautiously optimistic that the worst of food price inflation is behind us and consumers will continue to experience a more stable pricing environment. There are undoubtedly challenges ahead, not the least of which is assessing and addressing the impact of Hurricanes Helene and Milton. The food supply chain is resilient, and the lessons learned throughout the COVID-19 era have fostered additional safeguards in the system that can help protect against future shocks.”
Of the 18 items followed by Milling & Baking News, a sister publication of World Grain, 11 posted month-over-month increases and seven finished lower.
The September index for Cereals and Bakery Products before seasonal adjustment was 356.1% of the 1982-84 average, up 0.1% from a year ago. For all food at home, the September index was 307.8, up 1.3% from September 2023.
The CPI for cereals and cereal products in September was 286.1, down 0.1% from August and down 0.6% from September 2023. The index for products within this category included: flour and prepared mixes, 325.5, down 1% from August but up 0.8% from the previous year; breakfast cereal, 276.5, down 0.4% from the previous month and down 0.1% from a year ago; and rice, pasta and corn meal, 289.9, up 0.7% from August but down 1.6% from September 2023.
The price index for bakery products in September was 396.9, up 0.2% from August and up 0.5% from September 2023.
The September index for bread was 237.3 down 0.2% from August and down 0.8% from September 2023. Under this heading, the CPI for white bread was 430.2, down 0.9% from August and down 1.6% from September 2023. For bread other than white, the index was 462, up 0.9% from August and up 0.1% from a year ago.
The price index for fresh biscuits, rolls and muffins in September was 232.4, down 0.9% from August and down 0.4% from September 2023. The September index for cakes, cupcakes and cookies was 377.4, up 1.2% from August and up 1.6% from September 2023. Under this segment, other price indexes included fresh cakes and cupcakes, 393.9, up 0.3% from August and up 0.7% from September 2023; and cookies, 358.4, up 1.9% from the previous month and up 2.3% from the previous year.
The CPI for other bakery products in September was 357, up 0.3% from August and up 1.2% from September 2023. Under this heading, other price indexes in September included: fresh sweet rolls, coffee cakes and donuts, 395.8, up 0.5% from August and up 2.2% from September 2023; crackers and cracker products, 436.6, up 0.2% from August and up 3% from September 2023; and frozen and refrigerated bakery products, pies, tarts and turnovers, 342.3, down 1.4% from August and down 0.7% from the previous year.
Source: World Grain