The Consumer Price Index, which measures how much people pay for typical goods and services, dropped 0.4 percent over the past year. That's the first time the government has recorded a 12-month price decline since 1955. While economists typically see that kind of drop as bad news for the nation's economic growth, it's also partly good news for consumers, at least in the short term, because it means they can buy cheaper food, clothes, and other items.
Food sold for less last month, so a typical shopping trip in March cost about the same as it would have back in October. Dairy products were especially discounted, but the prices for meat, poultry, fish and eggs also went down. Those who prefer the produce aisle had to pay extra; the prices of fruits and vegetables went up.
While the food and beverages index has gone up by 4.3 percent over the past year, how much consumers pay depends a lot on whether they are eating out or cooking for themselves at home. In March, the cost of food eaten at home -- everything from pasta to cereal to olive oil -- fell by 0.4 percent. But food eaten away from home, at restaurants or other places, went up, as did the price of alcoholic drinks. That's one reason why personal finance experts say cooking at home is one of the best decisions you can make for your bottom line. Based on the fact that the price of eggs and cereal have been falling, you might want to consider Cheerios for breakfast and a frittata for dinner. The Verdict: You can get a good deal on food, as long as you're willing to cook it yourself, and say no to that pre-dinner drink.
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