WASHINGTON — The Consumer Price Index for baked foods and cereal products moved up 0.1% in May, according to the Bureau of Labor Statistics of the US Department of Labor. The index for all food at home also increased 0.1%.
Of the 18 items followed by Milling & Baking News, 12 posted month-over-month increases, 5 finished lower and 1 was unchanged.
Overall, the CPI for all products rose 0.1% in May, which was down from an increase of 0.4% in April. The all items index also increased only 4% year-over-year, down from a 4.9% increase in April and the smallest year-over-year gain since April 2021.
Although the CPI for most of the grain-based foods categories tracked by Milling & Baking News were within normal ranges, one category stood out for sharp movement in May. The index for eggs plummeted 13.8% in May, its sharpest month-over-month decline since January 1951. At 286.2, the May index for eggs was down 0.4% from May 2022, a sharp contrast to the 21.4% increase between April 2023 and April 2022 and the 70.1% increase between January 2023 and January 2022. It was the first year-over-year decline in the category since May 2021.
The May index for Cereals and Bakery Products before seasonal adjustment was 354.2% of the 1982-84 average, up 10.7% from a year ago. For all food at home, the May index was 302.5, up 5.8% from May 2022. As was the case for the overall CPI, the index for Cereals and Bakery Products posted its smallest year-over-year increase since 2021.
The CPI for cereals and cereal products in May was 288.2, up 0.1% from April and up 9.3% from May 2022. The index for products within this category included: flour and prepared mixes, 321.2, up 1.4% from April and up 17.1% from the previous year; breakfast cereal, 277.7, unchanged from the previous month but up 8.5% from a year ago; and rice, pasta and corn meal, 294.9, down 0.5% from April but up 7.1% from May 2022.
The price index for bakery products in May was 392.5, up 0.2% from April and up 11.4% from May 2022.
The May index for bread was 236.6, up 0.4% from April and up 12.5% from May 2022. Under this heading, the CPI for white bread was 430, down 0.2% from April but up 13.4% from May 2022. For bread other than white, the index was 458.6, up 0.8% from April and up 11.2% from a year ago.
The price index for fresh biscuits, rolls and muffins in May was 229.4, down 1.3% from April but up 11.6% from May 2022. The May index for cakes, cupcakes and cookies was 371.8, up 0.2% from April and up 11% from May 2022. Under this segment, other price indexes included fresh cakes and cupcakes, 392.1, up 0.9% from April and up 11.1% from May 2022; and cookies, 348.8, down 0.5% from the previous month but up 10.9% from the previous year.The CPI for other bakery products in May was 352.1, up 0.6% from April and up 10.7% from May 2022. Under this heading, other price indexes in May included: fresh sweet rolls, coffee cakes and donuts, 382.1, down 0.3% from April but up 5.7% from May 2022; crackers and cracker products, 422.1, up 1.2% from April and up 12.4% from May 2022; and frozen and refrigerated bakery products, pies, tarts and turnovers, 346.4, up 0.4% from April and up 12.1% from the previous year.