Food Prices Surge Again in August, What’s in Your Basket?


    by Mish Shedlock, Mish Talk:

    Food, rent, owners’ equivalent rent, and the price of electricity more than offset a decline in the price of gasoline in August. This post is a spotlight on food.

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    What’s in Your Basket?

    • Meat, Poultry, Fish, Eggs: 10.6 Percent
    • Cereals, Bakery: 16.4 Percent
    • Dairy: 16.2 Percent
    • Fruits and Vegetables: 9.4 Percent
    • Beverages: 13.4 Percent
    • Other Food at Home: 16.7 Percent
    • Away From Home: 8.0 Percent
    • At Home: 13.5 Percent

    Given rising tip defaults (and me paying them) I dispute the total cost of food away from home as up only 8.0 percent.

    We have seen tip defaults as high as 25 percent. The most common default tip we see is 22 percent. It’s getting absurd.

    CPI vs CPI Food

    CPI data from the BLS, chart by Mish

    CPI data from the BLS, chart by Mish

    CPI Year-Over-Year Details

    • CPI: 8.3 Percent (down from 8.5 percent)
    • CPI Food and Beverage: 10.9 Percent (up from 10.5 percent)
    • CPI Food: 11.4 Percent (up from 10.9 percent)
    • CPI Food at Home: 13.5 Percent (up from 13.1 percent)
    • CPI Less Food: 7.8 Percent (down from 8.1 percent)
    • CPI Energy (Not Shown): 23.8 percent (down from 32.9 percent)

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