What food items saw the largest price hikes and declines in September?

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Economist Steve Moore looks at the economic outlook in the U.S. on ‘The Bottom Line.’

American consumers are continuing to face elevated inflation despite the pace of price growth slowing, with grocery price growth continuing to strain household budgets.

The Labor Department on Thursday released the September consumer price index (CPI) — a broad measure of how much everyday goods like gasoline, groceries and rent cost — which showed prices were up 2.4% from a year ago and 0.2% compared with August.

Food prices increased 0.4% last month compared with August and are up 2.3% from last September, just shy of the headline inflation gauge. The cost of food away from home is up 3.9% compared with a year ago after rising 0.4% in September, while prices for food at home are up 1.3% from last year.

Prices for meats, poultry, fish and eggs increased 0.8% in September and are up 3.9% from last year, which was the largest annual increase of the major food categories tracked in the CPI.

INFLATION RISES 2.4% IN SEPTEMBER, ABOVE EXPECTATIONS

Food prices increased 0.4% in September compared to a month ago and are up 2.3% from last year. (Spencer Platt/Getty Images / Getty Images)

Eggs saw the largest price increases on both a monthly and annual basis, as prices spiked 8.4% from August to September and are up 39.6% compared to last year. 

Inflationary pressures driven by typical cost pressures and consumer demand for eggs have been exacerbated by avian flu outbreaks that have caused egg producers to quarantine or, in some cases, euthanize flocks, which has constrained egg supplies.

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Inflation remains above the Fed's 2% target, straining