July CPI report shows inflation easing, but food costs remain high

Posted at 5:36 PM, Aug 10, 2022
and last updated 2022-08-10 20:36:37-04

(KERO) — Inflation is easing a bit according to the July Consumer Price Index report. However, despite that food prices are still sky-high.

Prices grew 8.5 percent last month from a year ago, according to new federal data. That's below the 9.1 percent year-over-year surge recorded in June. But it's still near a 40-year high.

Economists say falling gas prices provided some relief for consumers last month.

However, according to the Bureau of Labor Statistics, the cost of groceries soared 13 percent in a year. That's the largest annual increase since March 1979.

Eggs, flour, chicken, milk, ground beef, fruits, and vegetables have all gotten more expensive.

Several factors have contributed to these rising prices including higher costs for fuel and labor, deadly avian flu in the U.S., a drought in Brazil, and the war in Ukraine.