Food was 8.5% more expensive in March than a year ago, down from 9.5% in February, according to the latest government data. To put that in context: Annual food inflation reached a peak of 11.4% last summer.
For the first time since the start of record-high inflation two years ago, the increase in food prices showed signs of easing.
Grocery prices were up 8.4% in March over the previous year, down from a reading of 10.2% in February. The price of food eaten away from home rose 8.8% in March over the previous year, compared with 8.4% in February. Manufactured food items saw some of the biggest price increases. Cereal prices rose 13.6% year over year in March, while cookies were 16.6% more expensive in March than a year ago. The price of frozen baked goods rose 16.2% in March over the previous year.
Russia’s invasion of Ukraine in February 2022 pushed up prices for energy and agricultural products, and the COVID-19 pandemic affected the availability of workers and factories, resulting in labor shortages. Transportation costs also rose in tandem with these events.
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