Consumer beef prices see largest monthly gain
Significant increases in beef prices during May were a large factor in increasing food prices for the month.
The latest Consumer Prices Report by the Bureau of Labor Statistics shows a four percent increase in the food index over the past 12 months with a nearly five percent increase in food at home.
Month to month increases were up less than one percent with a 3.7 percent rise for meats, poultry, fish, and eggs. The beef index was up nearly 11 percent and the largest ever monthly gain.
Dairy and related products were up one percent and fruits and vegetables were up a half of a percent.
The food at home index was up fractionally for May but nearly five percent ahead of last year. A 10 percent increase in meats, poultry, fish, and eggs in the category was the largest 12-month increase since May of 2004. Beef prices were up more than 18 percent during that period and a large factor for the increase.
The overall Consumer Price index was down slightly from last year.