May 28, 2004 (The Editor’s Desk is updated each business day.)

Food inflation up in 2003

Food price inflation was higher in 2003, 3.6 percent, when compared with 1.5 percent during the prior year.

[Chart data—TXT]

Beef and veal prices rose 23.5 percent in 2003, following a 0.6-percent increase in 2002. Beef supplies grew increasingly tight during 2003. Pork prices increased 5.2 percent in 2003, after decreasing 2.3 percent during the prior year. Pork production, in pounds, increased 1.3 percent last year.

Chicken prices increased 4.7 percent in 2003, after decreasing 0.1 percent in 2002. Fish and seafood prices increased 2.7 percent in 2003, following a 1.1-percent decrease during the previous year.

Prices for dairy products increased 3.4 percent last year, after decreasing 2.0 percent in 2002. Milk prices rose 6.9 percent. Cheese prices increased 2.3 percent. Fresh vegetable prices increased 7.6 percent, following a 6.4-percent rise in 2002. Fresh fruit charges rose 1.4 percent, compared with 4.7 percent in 2002.

These data are from the BLS Consumer Price Index program. For additional information, see "Consumer prices during 2003," by Todd Wilson, Monthly Labor Review, April 2004. Annual changes are December-to-December changes.

 

Related TED article:

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