CPI hits 41-year high, but meat prices cool in June

The consumer price index (CPI) jumped 9.1% over the 12 months ended in June before seasonal adjustment, marking the largest increase since November 1981, the Bureau of Labor Statistics reported We Gasoline, shelter and food were the biggest contributors to the surge, compared to the prior year, the government said. The food index increased 10.4% in the latest 12-month period, the largest increase since February 1981.
Over the same timeframe, the index for meats, poultry, fish and eggs climbed 11.7%. All food consumed at home was up 12.2%, while food away from home rose 7.7%.
However, when comparing seasonally adjusted prices in June to levels in May, the index for meats, poultry, fish and eggs was the only major grocery group to decline, retreating 0.4%. That one-month dip was due to lower prices for beef and pork. The beef and veal category fell 2.3% in June from May, while pork was down 1.6%. Meanwhile, chicken prices gained 1.7% in June vs. May.