The Consumer Price Index (CPI) for beer at home continues to tick up, increasing +3% last month (seasonally unadjusted) versus February 2023, according to the U.S. Bureau of Labor Statistics (BLS).
February marks the third consecutive month the CPI for beer at home increased versus the previous month’s reading, with YoY increases of +1.9% in December 2023 and +2.4% in January 2024. However, it is still well below the +7% YoY increase recorded in February 2023.
Beer at home remains slightly below the CPI for all items, which increased +3.2% on a seasonally unadjusted basis. When seasonally adjusted, the CPI increased +0.4% YoY.
The CPI is still “running a bit stronger than scan data,” something that “has been true most months in the past year or so,” Brewers Association chief economist Bart Watson wrote on Twitter/X, sharing the graph below.
Total beverage-alcohol recorded a +2.4% YoY and +0.2 month-over-month (MoM) increase, seasonally unadjusted. The CPI for bev-alc at home increased +1.8% YoY and +0.9% MoM.
“Beer CPI has consistently run above total bev alc (at home) in recent years,” Watson continued, sharing the below graph comparing YoY increase. “Cumulatively beer has gained about 5% in price relative to total bev-alc in this time period.”
Spirits at home increased +1% YoY and +1.4% MoM, seasonally unadjusted. The category also increased +1.4% MoM when seasonally adjusted, after a flat January and -0.5% MoM decrease in December.
The CPI for wine at home increased +1.2% YoY and +0.6% MoM, seasonally unadjusted. Seasonally adjusted, the category increased +0.6% MoM, after increasing +0.7% MoM in January and declining -0.1% in December.
Away from home, the CPI for total bev-alc increased +3.6% YoY and -0.7% MoM, seasonally unadjusted.
Beer inflation remains above total beverage in the on-premise, increasing +4.1% in February 2024 versus Feburary 2023, and +0.1% MoM (seasonally unadjusted).
YoY CPI increases were once again greater for spirits away from home (+4.5% YoY) than beer. However, the CPI for wine broke previous trends, increasing +3.9% YoY.