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The U.S. annual food inflation rate slowed to a seven-month low of 10.4 percent in December, down from 10.6 percent in November, according to the Bureau of Labor Statistics (BLS). Similar to prior months, food prices rose at a faster rate than overall inflation (6.5 percent).
Household grocery budgets still face tremendous pressure as supermarket prices remained elevated at 11.8 percent, and rose 0.2 percent month over month.
The Consumer Price Index (CPI) report showed that many kitchen staples continue to be much higher than they were a year ago. Other common food items are rising or falling at a sluggish pace.
The cost of eggs, for example, has captured national attention, with prices skyrocketing 59.9 percent year over year last month. From November to December, egg prices advanced 11.1 percent....