Retail food prices reflected by the Bureau of Labor Statistic's Consumer
Price Index for food-at-home rose an average 4.8% in 2011 - well above
the minor increases of 0.3% and 0.5% in the prior two years and outpacing
the overall inflation rate of 3.2% for the year. ... Full
Story
Sales at the nation's eating and drinking places ended 2011 with a
bang, rising 10% during December, versus the same month of 2010. That
marked the first time foodservice sales increased in double digits in
69 months - since March of 2006 according to a look through The Food
Institute archives. And that increase can be attributed to growing sales
at full-service restaurants, indicating that consumers did indeed decide
to splurge a bit at the end of the year. .. .. ... Full
Story
Wholesale finished consumer food prices jumped 1.2% during November
from the prior month - the largest such increase since February reflecting
significant prices hikes for fresh fruits and fresh vegetables as well
as chicken and turkey. .... Full
Story
Although prices for finished consumer foods as measured by the government's
broad measure of wholesale food costs dropped 0.5% in December, this
index was still 6.1% higher than 12 months prior during the month and
was up 6.3% from 2010 on an annualized basis. Detailed
Real Sales Table
Using the Food Institute exclusive Price Tracker, it looks like retail
prices will hold relatively steady through January of 2012 based on
wholesale price changes, which may have peaked in November. It is likely
that retail food prices (food-at-home) will remain about 5.5% above
year ago levels at year's end, but will start posting smaller gains
versus the prior year as 2012 progresses. USDA projects food-at-home
prices will be as much as 4% higher than 2001 on an annualized basis
- as safe guess based on current indications but subject to a variety
of factors from weather to government activity and of course consumer
demand.
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