Agronometrics Shorts: Produce Prices Sustain Lower Trajectory Amidst Decreasing Inflation

By Agronometrics | 22 July 2023

The inflationary trends in the United States have exhibited a notable deceleration in June, reaching their lowest levels in over two years. As reported by the Labor Department, the Consumer Price Index (CPI) registered a 3.0 percent rise in June when compared to the same month in 2022. This stands in stark contrast to the highest year-over-year change recorded in June 2022, which stood at 9.1 percent. Fresh fruits and vegetables saw a modest increase, standing at just 1.1 percent higher than the previous year. Within the realm of fresh fruit, a slight 0.3 percent uptick was recorded compared to last June, while fresh vegetables registered a 2.1 percent increase. Furthermore, the data reveals that canned fruit and vegetables witnessed a substantial 7.0 percent increase compared to the same period in the previous year, while frozen fruit and vegetables experienced an even more notable surge, standing at 12.5 percent higher than in June 2022. The report highlights the nuanced inflationary trends within the food category, with particular focus on the produce segment, providing valuable insights into the factors driving price movements in this crucial sector of the economy.

Commodity Prices by history (As Reported) in the US

chart 10

Source: USDA Market News via Agronometrics.
(Agronometrics users can view this chart with live updates here)

Written by: Sarah Ilyas

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