The Consumer Price Index (CPI) for beer remained above 2022 levels in July, but is decelerating, according to the U.S. Bureau of Labor Statistics (BLS).
The CPI for beer at home increased +4.3% year-over-year (YoY) and +4.5% away from home. The YoY increases are below the increases recorded in June: at home +5.4% YoY, away from home +5.3%.
The CPI for beer at home is now also “only 0.5% higher” than December 2022 (+0.2% seasonally adjusted), “so this could really come down in the coming months,” Brewers Association chief economist Bart Watson pointed out on Twitter. He added that “all of the YoY CPI increase in the past year” for beer at home came from July through December 2022.
The CPI for beer continues to outpace overall inflation, with the CPI for all items rising +3.2% YoY. However, the CPI for all items rose +0.2% month-over-month (MoM), while beer at home declined -0.7% MoM and beer away from home increased +0.1% MoM.
Seasonally adjusted, the CPI for all items increased +0.2% YoY and MoM. Seasonally adjusted, the CPI for beer at home declined -0.5% MoM, while beer away from home increased +0.1% MoM.
The CPI for total bev-alc increased +4.1% YoY and was flat MoM, before seasonal adjustment. July increases for the industry were below June increases (+4.4% YoY and +0.1% MoM).
Total bev-alc at home increased +4.1% YoY and was flat MoM (-0.1% MoM when seasonally adjusted). Bev-alc away from home increased +6.4% YoY and +0.2% MoM (+0.2% when seasonally adjusted).
Once again, both spirits and wine recorded smaller increases than beer at home, but larger increases away from home.
The CPI for spirits at home increased +2.1% YoY and +0.8% MoM, following a +1.9% YoY and +0.4% MoM increase in June. Away from home, spirits increased +8.1% YoY and +0.1% MoM, following a +7.9% YoY and +0/8% MoM increase in June.
The CPI for wine at home increased +1.6% YoY and was flat MoM, after a +1.8% YoY increase and -0.6% MoM decrease in June. Away from home, wine increased +6.9% You and +0.2% MoM, after a +6.7% YoY and +0.6% MoM increase in June.