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CPI Food Away From Home Sees Notable Moderation

US DATA
  • One final finding from the CPI report were the different trends behind overall food price inflation accelerating from 0.11% to 0.24% M/M in July.
  • Food at home increased 0.27% M/M for its strongest month since January but food away from home inflation eased to 0.17% M/M from 0.38% for its softest since Mar’21.
  • This is of note because whilst excluded from core CPI, it has a good fit with PCE food services which are included within core PCE and worth 6-7% of the latter.

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