The Consumer Price Index (CPI) for beer at home has ticked back up for the start of 2024, increasing +2.4% year-over-year (YoY) in January on a seasonally unadjusted basis, according to the U.S. Bureau of Labor Statistics (BLS).
The increase was above the +1.9% YoY increase recorded at the end of 2023, but was significantly below the +9% YoY increase recorded in January 2023. This time last year, beer price hikes were near the peak of accelerated increases, with increases of +8.6% YoY in December 2022, +7.7% in November and +6% in October.
The latest CPI was up +0.5% month-over-month (MoM) when seasonally adjusted. The CPI for beer at home had been trending down since October 2023.
Still, beer was below the CPI for all items, which was up +3.1% on a seasonally unadjusted basis. When seasonally adjusted, the CPI increased +0.3%.
Total beverage-alcohol recorded a +2.3% YoY and +0.3% MoM increase (seasonally unadjusted). Bev-alc at home increased +1.2% YoY and +0.5% MoM.
Beer inflation continues to outpace wine and spirits at home. Spirits were flat MoM and -0.2% YoY, while wine at home increased +0.7% MoM and +0.9% YoY.
YoY CPI increases were higher across the board for bev-alc categories away from home. Total bev-alc away from home increased +4% YoY (flat MoM). Beer away from home also increased +4% YoY, a -0.1% decline MoM.
Spirits recorded the largest YoY increase (+4.7%), but was down -0.1% MoM. Wine away from home was up +4.5% YoY, and recorded the largest MoM increase (+0.4%).