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U.S. CPI for Baked Foods, Cereal Holds onto Strength in 2023

Although down from the historic gain of 13% in 2022, the Consumer Price Index for baked foods and cereal products again advanced at a level not seen in many years outside of 2022. The index increased 8.4% in 2023, which followed the increase of 13% in 2022 and advances of 2.3% in 2021, 2.2% in 2020, 1.4% in 2019 and 0.4% in 2018. The gains followed declines of 0.5% in 2017 and 0.3% in 2016. The only other years in the past 40 years that the index increased more than 8% was a 10.2% increase in 2008 and an 8.4% jump in 1989, according to the Bureau of Labor Statistics of the US Department of Labor.

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