The Consumer Price Index (CPI) for beer at home lagged behind overall inflation in March 2024, the U.S. Bureau of Labor Statistics (BLS) reported this week.
Beer at home’s CPI increased +2.6% year-over-year (YoY) last month, compared to the CPI for all items, which increased +3.5% YoY, seasonally unadjusted.
March 2024 marked the fifth consecutive month of the CPI for beer at home hovering at or below 3%, Brewers Association (BA) chief economist Bart Watson noted on social media.
Beer at home outpaced the rest of bev-alc at home in CPI increases last month. The CPI for both total alcohol at home and spirits at home increased +1.7%, followed by wine (+0.9%).
Away from home, spirits led the category, with an increase of +5% YoY, followed by beer (+4.1%), wine (+3.8%) and total alcohol (+3.6%).
The total bev-alc category recorded month-over-month (MoM) declines for offerings at home. Total alcohol, beer and spirits at home posted -0.2% MoM declines, followed by wine at home (-0.1%).
The CPI for bev-alc away from home ticked up slightly MoM, led by spirits away from home (+0.7%), total alcohol and beer away from home (both +0.4%) and wine away from home (+0.1%).
At retail, the average price per case increased +$0.66 at multi-outlet grocery, mass retailers and convenience stores in the four-week period ending March 24, compared to the same period last year, market research firm Circana reported.
Case price increases varied by segment. Hard seltzer recorded the steepest increase in case price (+$1.84). Non-alcoholic beer was a close second at +$1.74, followed by craft (+$0.59), cider (+$0.52), imports and assorted (both +$0.45), flavored malt beverages (+$0.43), domestic premiums (+$0.35), domestic sub premiums (+$0.30) and domestic super premiums (+$0.17).