Headline inflation in the US was reported at +2.4% YOY in January, an eight-month low, with core inflation (which excludes volatile energy and food prices) at +2.5% YOY, the lowest since March 2021. The headline increase was lower than pre-report market expectations, driven by lower energy costs along with lower prior-year comparables.

“Food away from home” inflation remained high in January at +4% YOY, while “food at home” was reported at +2.1% YOY. The Ever.Ag Retail Breakfast Index came in at $2.00 per serving, up 0.6% on the month but down 16.6% on the year.