Wholesale food prices fell in July, the first decline in three months, according to data from the Bureau of Labor Statistics’ Producer Price Index. The National Restaurant Association’s composite wholesale food index, based on the PPI, fell 0.2% from June, following increases of 1% in May and 0.4% in June, versus the prior months. For the past 12 months, prices are running 3.1% higher, versus a 2.1% gain in the previous 12-month period.
Menu prices rose 0.2% in July, according to BLS Consumer Price Index data, the third straight month of 0.2% gains. Food-at-home prices rose 0.1%. For the 12 months, F-A-H prices are up 1%, menu prices 2.1%.
The Thomson Reuters/University of Michigan Consumer Sentiment Index fell in the mid-August preliminary from its six-year high in the final July reading, as consumers became worried about rising interest rates and believe growth will slow in coming months. The Sentiment Index slipped to 80 from 85.1 in July.