Groceries prices are up again — just in time for holiday baking and cooking — according to the Bureau of Labor Statistics’ latest inflation numbers. Eggs led the way in an all-too-familiar refrain.
The price of new and used cars and medical care also pushed higher in November.
While the overall increase in the Consumer Price Index matched economists’ expectations — rising 2.7% compared to last year and 0.3% over the previous month — there was little relief for consumers buying everyday goods.
Here’s what the latest CPI report means for your household:
Groceries increased 0.5% in November, after rising 0.1% in October, with four of the six major food groups showing price hikes.
The big (old) story: eggs, which jumped 8.2% from a month ago.
A dozen large Grade A eggs cost $3.65 on average in November, compared to $3.37 in October. That’s less than September’s $3.82, but far higher than the $2.52 at the start of 2024.
Other food price changes of note:
Beef was up 3.1% monthly, ham rose 3.9%.
Frozen, noncarbonated juices and drinks — think OJ canisters in the freezer aisle — are 17% higher than a year ago, thanks to bad weather and citrus diseases that have clobbered orange production worldwide.
The cost of eating out eased slightly from October, up just 0.3%, but was still 3.4% higher than a year ago.
Home healthcare for elderly or disabled family members was nearly 10% higher than a year ago, and nursing home care was up almost 5%. Hospital and related services crept up 4.3%, the BLS found.
The cost of health insurance is up 6% since November 2023. Meanwhile, the index for prescription drugs fell by 0.4% since October but was still higher than a year ago.
Price growth for both new and used cars has slowed since last year, but both indexes inched up from October.
Auto insurance, which has been soaring for more than a year, grew just 0.1% month over month but is still nearly 13% higher than a year ago.
Three consecutive years of underwriting losses mean insurers have paid out more in claims and expenses than they took in through the premiums we pay — leading to the steep hikes felt today.
Owning a car has generally become pricier. Motor vehicle maintenance and repair costs increased 5.7% year over year. Meanwhile, parking fees and tolls were nearly 4% higher than in November 2023.
But there was good news at the gas pump.
The gasoline index fell 0.6% on a monthly basis but was 8.1% lower than a year ago. As of Dec. 11, the national average for gasoline was $3.02 per gallon, according to AAA data.
Read more: Tips for getting cheap car insurance in 2024
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The new inflation reading remains above the Federal Reserve’s target of 2%. But because the index came in as anticipated, investors are betting heavily on a modest quarter-point interest rate cut when the Fed meets next month.
Read more: A cautious Fed on track for one last 2024 cut followed by a ‘slowing down’ in 2025
