Eggs and meat get more affordable, but other food staples get pricier

MEMPHIS, TENN. — In a year of unpredictable prices, shoppers are finally paying (a little bit) less for eggs and meat.

“Prices are still high,” said Jalesa Gray, who was shopping for her three kids in east Memphis on Tuesday. “Really high!”

According to this month’s Consumer Price Index, the prices for meats, poultry, fish and eggs dropped by about 0.2% in one month. However, those specific items have increased in price by 6.8% over the year.

Overall, the cost of groceries increased by 12%, according to the index.

“Food was one of those sectors that was hit really hard for increasing costs associated with our supply chain,” explained John Gnuschke, a Memphis economist.

He predicts that prices of staple goods will only become more affordable in the next few weeks.

“I think we’re seeing the end of the inflation,” Gnuschke said. “We’re still seeing rent increases and increases in the cost of living for many people. That’s particularly important in Memphis.”

Drivers are definitely enjoying much lower prices at the pump. The cost of gas dropped 2% from October 2022 to November 2022. In December, it appears to have already dropped significantly.

“What a relief!” said DeWayne Taylor, who commutes to Mississippi.

In July, he told FOX13 that he spent about $300 a month on gas. Now, he spends about $150 a month.

“It’s a relief, but I think we can do a little bit better,” he laughed.

CONSUMER PRICE INDEX

©2022 Imagicomm Memphis, Inc.