Your grocery bill isn’t catching much of a break this summer.
The Consumer Price Index for food at home ticked up 0.2 percent from May to June. Although the rise was the smallest of the year, the food-at-home index has jumped 4.7 percent over the past 12 months.
Friday’s report from the Bureau of Labor Statistics was a mixed bag. Prices for meat, poultry, fish, eggs, fruit and vegetables fell slightly from May to June. But other major food groups, including cereal and dairy products, continued to inch up.
I hope this is a trend which reverses soon although I suspect it will continue for some time!
Stock up now on beef. The cattle auctions have been incredibly busy with ranchers selling off their animals because of the crazy heat and drought here in Texas. There’s no vegetation for them to eat and feed is very expensive.
Moreover, the higher prices will last for years. With smaller herds and obviously fewer calves, it will take many years for the herds to build back up if/when better conditions return. Some local ranchers were interviewed on our news and they said if folks enjoy beef, indulge all you can now and stock your freezer. It will be very pricey in the years to come.