The cost of groceries declined in April as inflation continues to cool
Grocery store prices for basic foods such as meats, poultry, fish, and eggs decreased in April, according to a new report from the Bureau of Labor Statistics.
The rate of increase of the prices of goods and services in the United States slowed in April, balanced by decreases in prices for groceries, utilities, airline fares, and used cars and trucks, according to a consumer price index report released on May 15 by the Bureau of Labor Statistics.
Prices rose 0.3% in April, according to the report, a drop from the 0.4% increase the prior month. Inflation was largely driven by an increase in prices for rent, health care, gasoline, motor vehicle insurance, and apparel.
However, prices dropped in other key areas of the economy. Grocery prices dropped 0.2% in April, with the prices of meat, poultry, fish, and eggs all falling. The price of eggs saw an especially large drop, falling 7.3%.
“Today’s CPI report showed inflation continuing to cool, and if you look closely there’s a particularly important and hopeful data point: grocery prices haven’t gone up in three months and actually *fell* in April, according to the Bureau of Labor Statistics,” tweeted Rep. Don Beyer (D-VA), a member of the U.S. Congress Joint Economic Committee.
Inflation is a key concern for voters. An ABC News/Ipsos poll of American adults conducted in April found that the economy and inflation are the most important issues that will determine who they vote for in November.
In a statement, President Joe Biden said that tackling inflation is still his top economic priority.
“Prices are still too high — so my agenda will give families breathing room by building two million new homes to lower housing costs, taking on Big Pharma to lower prescription drug prices, and calling on grocery chains making record profits to lower grocery prices for consumers,” Biden said.
He also criticized congressional Republicans, who he said “want to increase costs by going back to their same old trickle-down economics.”
“Republicans want to slash taxes for the ultra-wealthy and big corporations, and raise taxes for middle class families. They would protect special interests and Big Pharma, and undermine workers and seniors by slashing Social Security and Medicare. All that would send inflation skyrocketing,” Biden said.
Former President Donald Trump said at a May 1 campaign rally in Wisconsin that he wants to “impose an immediate moratorium” on the Inflation Reduction Act, one of the provisions of which authorized the federal government to negotiate lower drug prices for Medicare beneficiaries.
