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Overview
Between May and June, the Consumer Price Index (CPI) for all food remained level, after declining for 4 consecutive months. June food prices were 2.1 percent higher than in June 2008. Food-at-home decreased 0.1 percent from May, and is .8 percent above a year ago, while the food-away-from-home index increased 0.1 percent and now stands 3.8 percent higher than a year earlier. Thanks to lower feed and energy costs, prices for beef, pork, dairy products, and eggs declined between May and June. Beef prices dropped for the seventh time in the past 8 months. Retail egg prices fell .9 percent in June and are now over 18 percent below a year earlier. Despite the recent moderation, the CPI for all food is still projected to increase 2.5-3.5 percent in 2009 (the forecast a month earlier was for 3-4 percent growth).
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