The recent Consumer Price Index data for April shows a welcome moderation in overall inflation, cooling to its slowest annual rate since early 2021. Despite that, many families continue to feel the pinch at the grocery store and dining out.
In April, consumer prices rose 0.2 percent from the previous month, slowing the annual inflation rate from 2.4 to 2.3 percent. The data from the Bureau of Labor Statistics was surprising as many expected ongoing trade disputes and tariffs to push prices higher. Farmdoc Daily from the University of Illinois says food prices have risen 29.5 percent since December 2019, leading to nationwide consumer frustration with prices and affordability. Food prices in April decreased 0.1 percent from the previous month but are 2.7 percent higher than a year ago. Food away from home prices rose 0.4 percent last month, and prices for food at home declined by 0.4 percent.
