Food Up 8.3% Annually, Down 0.2% Monthly
The cost of pineapples went up 49.0%, ice cream went up 31.8%, and fruit juices went up 29.1% on annual basis, while on a month to month basis, the average cost of green peppers decreased 18.8%, boneless pork loin decreased 16.5% and onions decreased 5.8%.
This is according to the recently released May Consumer Price Index which said that on an overall month to month basis the food sector dipped 0.2% in May, while an annual basic food sector increase 8.3%.
As far as year to year food prices, the report said, “The Food sector was the largest contributor to the twelve-month increase in the CPI [+8.3 per cent]. Factoring into the annual increase was the cost of pineapples [+49.0 per cent], ice cream [+31.8 per cent], and fruit juices [+29.1 per cent].
“In contrast, the annual average price of onions [-26.7 per cent], green peppers [-21.1 per cent] and boneless pork loin [-15.3 per cent] decreased.”
Looking at food prices on a month to month basis, the report said, “The Food sector dipped 0.2 per cent in May. Price decreases were reported in the average cost of green peppers [-18.8 per cent], boneless pork loin [-16.5 per cent] and onions [-5.8 per cent].
“In contrast, the average cost of red grapes [+13.3 per cent], sugar [+7.2 per cent] and butter [+5.2 per cent] rose.”
