Bottom Line: The consumer has proven to be resilient in its spending patterns in a number of respects, but real food consumption has not. Given the correction in domestic food consumption, and the potential peaking out of 'food at home' inflation, food services inflation has plausible potential to correct down later this year (2023Q4).
Food services inflation has contributed 64 basis points to the broader 216 basis point overshoot in Core Services Ex Housing PCE inflation...
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