Food Inflation Slowed But Meat Prices Rose Faster in October-November

One-year food inflation appears to have slowed during October and November while meat price increases sped up slightly during the last two months, based on the Bureau of Labor Statistics’ (BLS) latest data.

BLS’ report on the Consumer Price Index (CPI) for November was constrained by the lack of October data to show month-to-month changes, due to a government budget shutdown that disrupted the federal agency’s data collection.

The November price level for food showed an increase of 2.6% from November 2024. In September, the 12-month food inflation rate was 3.1%. The change could reflect either slower food inflation in October-November, faster price increases in October-November 2024 that have fallen out of the 12-month index, or both. None of the 12-month rates include seasonal adjustments.

For food at home — roughly approximating grocery prices — the 12-month increase was 1.9% in November, down from 2.7% in September. Food away from home — meaning a wide range of food service — rose 3.7%, unchanged from the 12-month rate as of September.

The overall CPI in November was 2.7% higher from a year earlier, compared to September’s 3% rate for 12-month inflation.

Meats overall — including red meat and poultry — rose 8.9% in November over the last 12 months, compared to 8.5% in September.

Beef and veal prices jumped 15.8% over the last year through November, compared to 14.7% in September. Within the category, 12-month data showed: