Food Prices Tick Higher Again
Food inflation continued to rise, with the overall food index up 0.4% in March. Prices for food at home rose 0.5%, led by a 5.9% surge in egg prices and a 1.3% increase in the meats, poultry, fish, and eggs category. Food away from home also increased 0.4%. On an annual basis, food prices climbed 3.0%, reflecting ongoing supply-side constraints in some categories.
Core Services Stay Elevated but Show Signs of Easing
Shelter, a key component of core inflation, rose 0.2% in March, slowing slightly from previous months. Owners’ equivalent rent increased 0.4%, while rent of primary residence rose 0.3%. Transportation services dropped 1.4%, weighed down by airline fares (-5.3%). Meanwhile, personal care and medical care indexes both rose, though prescription drugs fell 2.0%. Despite pockets of strength, core services inflation is showing…
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