The Consumer Price Index (CPI) for beer at home in November increased +2.7% year-over-year (YoY), according to the U.S. Bureau of Labor Statistics.
Beer is now below overall inflation on an seasonally unadjusted basis, with all items up +3.1% YoY. November’s CPI also marked a significant decline from the +4.7% increase recorded in October for beer at home.
Last month, Brewers Association chief economist Bart Watson noted a “pretty big difference” between Circana pricing data and beer’s CPI, with off-premise beer up +2% YoY in October scans. While beer’s CPI is still above scans, which cite beer pricing up +1.7% in November, the two data points are “now coming together as opposed to moving apart,” Watson noted on Twitter/X Tuesday.
“I’ll predict that YoY CPI will be down again next month and is just lagging scan a bit,” he continued.
The CPI for total bev-alc at home was up +1.5% YoY in November, a decline of -0.4% month-over-month (MoM), seasonally unadjusted. Spirits at home were up +1.1% YoY and down -0.1% MoM, while wine at home was up +0.5% YoY and down -0.7% MoM.
Beer away from home was up +5.2% YoY (seasonally unadjusted), down from +5.7% in October. The category was on par with total bev-alc away from home, which was also up +5.2% YoY in November.
Wine and spirits continued to outpace beer away from home. Wine increased +5.6% YoY and +0.3% MoM. Spirits increased +6.2% YoY and +0.1% MoM.
The overall CPI for all items is now up +0.1% on a seasonally adjusted basis, following a flat October.