Headline RoundupFebruary 23rd, 2023

As Inflation Pace Slows, Food Prices Keep Climbing

Summary from the AllSides News Team

Inflation's overall pace in the U.S. has slowed a bit in recent months. But food prices remain persistently high.

The Details: Prices for food at home rose 0.7% in January compared to the prior month, and were up 11.3% from a year before. That annual figure was nearly 5 percentage points above the overall inflation rate, which is "among the widest gaps since the 1970s," according to Reuters.

Key Quotes: "Food inflation has been the most stubborn of all the categories," Walmart's U.S. CEO John Furner said. An executive at the Food Industry Association said, "Unfortunately, it is likely that food prices will remain elevated in the short term, and we anticipate that there could be further volatility in terms of inflation rising and falling in the coming months. Yet we continue to remain cautiously optimistic that the worst of food price inflation is behind us."

How the Media Covered It: Sources across the spectrum highlighted persistent food inflation this week and its effect on consumers. Left- and center-rated sources tended to focus more on global food inflation in addition to high U.S. prices. One opinion writer for Bloomberg (Lean Left bias) highlighted signs that food inflation might be peaking, including data showing that "the cost of the commodities and raw materials that go into food and personal-care products is starting to come down."

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