Consumers Experience Rise In Food Cost
Meat and egg prices are the leading cause of rising food cost in 2015, according the U.S. Department of Labor’s Bureau of Labor Statistics news release of June, 22, 2015. The Consumer Price Index for all Urban Consumers (CPI-U) was unchanged from May 2014 to May 2015.
Food accounts for about 14 percent of the CPI-U market basket, and all food prices rose 1.6 percent over the year. As a contrast, prices for food consumed at home rose only 0.6 percent from May 2014 to May 2015.
Meats prices rose 3.3 percent over the year, and egg prices rose 3.1 percent. The size of the national cattle herd and disease losses to the pig crop along with strong demand have driven up meat prices. Egg price increases are a reflection of disease losses to layer flocks.
Poultry prices changed little over the year, while prices fell for dairy and related products, fruits and vegetables, and fish and seafood.