The U.S. food index increased 10.4 percent for the year ending in June 2022, the largest 12-month increase since February 1981, according to new government data.
Fish and seafood prices increased 11 percent in June compared to June 2021, according to the Bureau of Labor Statistics’ Consumer Price Index.
The food-at-home index rose 12.2 percent over the past year, the largest 12-month increase since the period ending April 1979, the BLS said in a press release.
“All six major grocery store food group indexes increased over the span, with five of the six rising more than 10 percent. The index for other food at home increased the most, rising 14.4 percent, with the index for butter and margarine increasing 26.3 percent,” BLS said.
Research firm Numerator also found that grocery inflation reached a new high of 15.1 percent as of July 3, more than doubling since the start of 2022. The grocery categories that were most impacted included frozen meat, up 28 percent; chips, up 26 percent; poultry, up 25 percent; water, up 22 percent; and milk and milk ssubstitutes, up 17 percent.
In addition, IRI and 210 Analytics found that fresh and frozen seafood sales were harmed by inflation in June, while shelf-stable seafood sales rose.
The average price for finfish jumped to above USD 10.00 (EUR 9.92) per unit, an increase of 21.3 percent versus June 2021. In response, fresh seafood sales dropped 13.3 percent to USD 502 million (EUR 498 million) in June, more than the deceleration of 11.7 percent seen during the entire second quarter, 210 Analytics Principal Anne-Marie Roerink told SeafoodSource.
Inflation is also impacting frozen seafood sales, though frozen seafood sales reached USD 520 million (EUR 516 million) in June, outpacing fresh retail sales.
“While frozen seafood remained the biggest seller within animal protein, its dollar sales were down 7.4 percent, whereas all other [frozen] areas grew,” Roerink said.
However, Americans’ cost-cutting efforts in response to inflation are having a positive impact on sales of shelf-stable seafood, as total shelf-stable category reached sales of USD 209 million (EUR 207 million) in June 2022.
Shelf-stable seafood had the lowest inflation in June at 8.8 percent and an average per-unit cost of USD 2.08 (EUR 2.06). This resulted in an increase in sales of 9 percent in the second quarter of 2022 and a 7.8 percent year-over-year rise in sales in June.
“Ambient seafood sales often do well during times of inflation and uncertainty. Today’s marketplace is no exception,” Roerink said. “June marks the fifth-consecutive month of year-on-year dollar growth for ambient seafood.”
While shoppers paid more at the grocery store, they also paid more to eat out in June. The index for food away from home rose 7.7 percent over the last year, the largest 12-month change since the period ending November 1981, BLS said.
The index for full-service meals rose 8.9 percent over the past year, while the index for limited service meals rose 7.4 percent.
Gasoline, shelter, and food realized the most inflation in June, BLS said. The energy index rose 41.6 percent over the last year, the largest 12-month increase since the period ending April 1980.
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