U.S. consumer prices in October plunged by the steepest amount since record keeping began in 1947, the Labor Department reported Wednesday.

Prices fell 1 percent during the month on a seasonally adjusted basis, with energy prices plunging 8.6 percent.

However, food prices, which account for about a fifth of the CPI, increased 0.3 percent in October after a 0.6 percent increase in September. Food price rises are clearly slowing, as October showed the smallest price gain since May.

The price index for meats, poultry, fish and eggs rose 0.6 percent, while the index for fruits and vegetables fell 2.2 percent.

Food industry consultant Len Steiner told Meatingplace.com there are a couple reasons for the lag, particularly in meat prices. Foodservice and retail food prices, he explained, are just now starting to come down. He also noted that because meat processors were not able to raise prices very much when grain and oil prices soared, often absorbing the costs in their margins, there will not be dramatic or immediate price declines either.

"Hog and cattle and chicken and turkey guys are all losing money," he said, which is starting to result in decreased production, another factor that would mitigate price reductions, if not keep them rising.

University of Missouri Economist Ron Plain pointed out USDA projections that 2009 will show declines in beef, pork and poultry production, leading to higher prices, which might be partially offset by declining exports.

For more stories, go to www.meatingplace.com.