Image Source: Pexels

Prices are up relative to January 2021, but not relative to January 2024:

Figure 1: CPI – food at home (blue), ERS forecast as of January (red triangle), ERS forecast as of July (light blue square), Chained CPI – food at home (light green), all normalized to 2020M01=1.00. Source: BLS, USDA ERS, and author’s calculations.

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