Food prices (PCE) rose again in April, driven mostly by supply-side forces, which account for more than 70% of the total shock in our model

• Food-at-home prices rose 0.6% from March (m/m) and 2.8% year-over-year (y/y), led by fresh vegetables (+3.9% m/m; +12.8% y/y) and beef and veal (+2.7% m/m; +15% y/y)

• Food-service prices rose 0.3% from March and 3.5% y/y, led by meals at limited places (+0.4% m/m; +3.2% y/y) and alcohol in purchased meals (+0.5% m/m; +3.6% y/y)