Food Prices Soar, But Core Inflation Falls to Lowest Level


Even as food prices have soared to costs not seen in decades, deflation picked up in April pushing consumer prices down 0.8 percent compared to the previous month.

Prices have been dropping due to a lack of demand because everyone is on lockdown.

Per Breitbart:

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The price of gasoline dropped 20.6 percent for the month, the Department of Labor said Tuesday. The prices for clothing, airline travel, cars, recreation, and hotels all plunged while the price of groceries saw its biggest monthly increase since 1974.

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Compared with a year ago, prices were up 0.3 percent, Core inflation, a measure which subtracts changes in the prices of the volatile food and energy categories, fell 0.4 percent, the steepest decline ever in records of the Consumer Price Index going back to 1957.

Some prices have gone up, though. Prices for medical care, rent, and household furnishings all increased in April, Breitbart added.

Food, though is notable:

The Department of Labor’s gauge of food prices increased 1.5 percent in April following a 0.3-percent increase in March. The food at home index increased 2.6 percent. The increase was broad-based, with all six major grocery store food groups increasing at least 1.5 percent over the month, the government said.

Pork prices jumped 7.4 percent and eggs rise a whopping 16 percent.

Lots of other items fell, though:

The prices of women’s underwear, nightwear, swimwear, and accessories fell 5.8 percent. The index for men’s underwear, pajamas, and swimwear fell 2.0 percent.

Car and truck rental prices crashed 16.6 percent after falling 6.9 percent in March and 2.2 percent. Airfares fell 15.2 percent in April and 12.6 percent.

Still, this is early in the crisis. Our economy is being destroyed by these lockdowns. Bad times may still be coming for prices.

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