Outpacing ers forecast. Implied futures suggest higher prices yet.
Figure 1: Top Panel – Consumer Price of Dozen Eggs (Blue, Left Scale), ers forecast of January 2025 for End 2024 (Blue Square, Left Scale), Both in $, and PPI for Fresh Eggs (Tan, Right Scale), 1991m12 = 100 . Bottom Panel: Trading Economics Futures Price for Dozen Eggs (Blue), and TradingConomics Model and Analyst Based Forecast (Gray). Source: BLS, ers, tradingeconomics.com.
As for grocery prices overall, there was no decliner recorded in January. Rather the CPI component for food at home rose m/m 5.5% (annualized).
Figure 2: CPI for Food at Home (Black), USDA Economic Research Service Forecast of January 2025 (Blue Square), 95% Confidence Interval (Blue +). Source: BLS via Fred, ers, Author’s Calculations.