Meat leads rise in Consumer Price Index
Though consumers have seen relatively flat inflation overall, food prices continue to climb.
The U.S. Department of Labor released its Consumer Price Index yesterday, noting a 1.7 percent increase year over year. Hikes in food (3 percent) and shelter (3 percent) were mitigated by drops in the price of gasoline, cars, appliances and other items.
Food has been especially stubborn this year. Beef, thanks to an ongoing drought in the West and a massive, long-term culling of the U.S. beef herd, is at record high prices. Ground beef rose 17 percent year over year and beef roasts are up 20 percent. Both figures are the highest year over year climb in a decade.