The Consumer Price Index (CPI) for beer at home has outpaced inflation for another month in a row, increasing +7% in February 2023 compared to February 2022, according to the U.S. Bureau of Labor Statistics (BLS).
The CPI for all items increased 6% year-over-year (YoY), which was slightly higher than the CPI for beer away from home, which increased +5.3% compared to February 2022. The CPI for total beverage-alcohol increased +4.9% YoY.
Inflation appears to be slowing, as the +6% increase last month “was the smallest
12-month increase since the period ending September 2022,” BLS wrote. January 2023’s increase of +6.4% was also the smallest increase at the time.
For products consumed at home, beer continues to lead beverage-alcohol in price hikes. The CPI for alcohol at home increased +4.3% YoY, outpacing spirits at home (+2.4%) and wine at home (2.8%).
In the on-premise channel, things are reversed. Beer away from home (+5.3%) recorded the smallest increase in CPI last month, followed by spirits away from home (+5.7%). Total beverage-alcohol’s CPI increased +6.2%, outpaced only by wine away from home (+8%).
Month-over-month (MoM), the CPI for spirits away from home declined -0.8% compared to January 2023, while beer (+0.1%) and wine (+0.5%) both increased. The CPI for overall beverage-alcohol away from home declined -0.3% MoM, driven by spirits.
At home, the CPI for beverage-alcohol, beer and spirits increased at the same rate, +0.2% MoM, outpaced by wine at +0.3% MoM.
At off-premise multi-outlet grocery and convenience stores, the average price per case of beer increased $1.63, to $29.50, for the four weeks ending February 26, compared to the same period last year, according to market research firm Circana. With an increase of $4.17 per case, the assorted segment led the way, followed by non-alcoholic beer ($3.29), cider ($2.56), flavored malt beverages ($2.31), and hard seltzer ($2.17).