Grocery prices finally start to come down

The Street

TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why your next supermarket trip might be a little cheaper.

Transcript

00:00 I'm Conway Gittens reporting from the New York Stock Exchange.

00:02 Here's what we're watching on the street today.

00:04 Stocks are coming off a record session,

00:07 with all three major averages notching all-time highs

00:10 Wednesday.

00:11 Investor optimism was fueled by fresh data

00:14 showing the first slowdown in consumer prices in six months.

00:18 Markets are now reacting to weekly jobless claims.

00:21 222,000 people filed for unemployment benefits last week,

00:25 down from the eight-month high of 231,000 the prior week.

00:30 In other news, Americans can finally

00:33 breathe a small sigh of relief at the supermarket.

00:36 According to new data released by the Bureau of Labor

00:38 Statistics, grocery prices dipped 0.2% from March

00:42 to April.

00:43 Despite only being a marginal decrease, that's welcome news,

00:47 considering groceries have outpaced overall inflation

00:50 since the beginning of the pandemic.

00:52 Grocery prices are still higher than they were a year ago,

00:55 but several individual food items

00:57 have seen a sizable drop over the past 12 months.

01:00 The price of apples plunged almost 13%,

01:04 eggs decreased by 9%, and cheese fell more than 3%.

01:08 On the flip side, consumers are paying more for hot dogs,

01:10 ground beef, and steaks.

01:13 While cooking at home may have gotten a wee bit cheaper

01:15 last month, it's still more costly to eat out.

01:18 Prices at restaurants increased by 0.3% month over month.

01:22 Since the start of 2024, prices at sit-down restaurants

01:26 are up 3.4%, while prices at restaurants

01:29 where you order at the counter are up almost 5%.

01:33 McDonald's, which has said it is struggling to draw in lower

01:36 income customers, announced it will offer a $5 value

01:39 menu that will run for a month beginning June 25.

01:43 That'll do it for your daily briefing from the New York

01:45 Stock Exchange.

01:46 I'm Conway Gittins with The Street.

01:48 [BLANK_AUDIO]

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