This Week in Retail: Grocers Spring Forward; Latest CPI Data
The Consumer Price Index (CPI) rose 7.9% in February, according to the Bureau of Labor Statistics—the largest 12-month increase since 1982. The data was in line with analysts' expectations, heightening inflation fears in the markets.
The food index was up 1% as food at home gained 1.4% over the month. Both were the largest monthly increases since April 2020, according to the BLS.
All six major grocery store food group indexes increased in February. The index for meats, poultry, fish, and eggs rose 1.2%.
The index for food at home has risen 8.6% in the last 12 months, the largest annual increase since April 1981. The index for food away from home increased 6.8%, the largest 12-month increase in over four decades.
As the conflict in Ukraine continues, market participants are closely eyeing the risks associated with worsening inflation. The ripple effects of the Russia-Ukraine war could raise consumer prices even further as grocers prepare for the transition to Spring, which is less than two weeks away...Full Story »Mar 10 9:41 AM, UB Newswires