What’s driving a gain in CPI? The produce department.
An increasing number of consumers are aiming to score grocery bargains by searching online for coupons and using smart phones or other mobile devices to compare prices and get discounts while shopping, according to the industry trade publication Progressive Grocer.
It’s no wonder more people are looking for ways to trim their grocery bill when you consider the most recent Consumer Price Index figures on hikes in food costs.
The fresh fruits and vegetable price index was up 4.6 percent in March, accounting for more than 60 percent of the seasonally adjusted monthly increases for all items in the Consumer Price Index, which is compiled by the U.S. Bureau of Labor Statistics based on its survey of prices in 87 urban areas across the nation.
You may be even more tempted to join our coupon-clipping converts if you look back at what’s happened to grocery prices over the six months ending in March. During that period, the price index for fruits and vegetables rose at annualized rate of 9.6 percent, while dairy products were up 5.7 percent. The 1.9-percent annualized increase for meat, poultry, fish and eggs price seems relatively modest by comparison. (Check this advice from Consumer Reports on healthy eating on a budget.)
While grocery price hikes are certainly far less than the 15.9 percent rise in the cost of gasoline over that period, both dairy and produce prices actually outpaced the 4.1 percent rise in the cost of medical care, a category to which the adjective “soaring” routinely applied in the past.
Another interesting sign of the times from the CPI: For that six-month period, the price index for used cars and trucks rose at an annualized rate of 21.5 percent, versus an increase of only 2.8 percent for new vehicles.—Andrea Rock
Similar Posts:
- Food is a big factor why the consumer price index is up: Sunday’s Numbers
- Wholesale Prices Rise 0.2% in May
- Spring buying boosted home prices for second month
- Compensation costs rise 2.8% in Boston metro area
- Lardaro: R.I. economy stable after floods
Recent Comments