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U.S. Grocery Prices Rose Faster in April Than in Nearly Four Years
Government data showed grocery prices increased at the fastest pace in nearly four years during April. Fresh vegetables rose 11.5 percent from a year earlier while seafood prices increased 6.2 percent.
May 17, 3:26 PM·1m read1 source
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U.S. grocery prices rose faster in April than in any month in nearly four years. The increase affected items including frankfurters, tomatoes, and cupcakes. 5 percent more than a year earlier. 2 percent over the same period, according to Bureau of Labor Statistics data.
The price increases coincided with higher diesel costs following the closure of the Strait of Hormuz. The route carries about one-fifth of global oil supply. Diesel prices stand 60 percent higher than a year ago, according to AAA data. Perishable foods such as produce and meats are especially sensitive to fuel cost changes.
Tomato prices rose 39 percent over the past year.
Grocers import a large share of tomatoes from Mexico, where weather damage reduced output. A 17 percent tariff on Mexican tomatoes took effect last year. Analysts also cited crop shortages as a contributing factor. 3 percent in April from March. 5 percent, more than double the overall food price rise.
6 percent in each of the two prior months. 5 percent over the year ending in April. Beef prices rose 14. Annual grocery price increases remain below the peak reached during the pandemic. Food-at-home prices rose 2.
