Recently released federal pricing analysis from the U.S. Department of Agriculture projects that food prices will continue to rise through 2024.
The USDA pointed to the U.S. Bureau of Labor Statistics Consumer Price Index released earlier this month, which showed consumer prices overall rose 3.2% in the previous twelve months. Food prices, though rose more quickly at 4.9% during the same time.
Now, USDA says that increase will continue.
“Food prices are expected to grow more slowly in 2023 than in 2022 but still at above historical-average rates,” USDA said in its analysis. “In 2023, all food prices are predicted to increase 5.9%, with a prediction interval of 5.3% to 6.5%. Food-at-home prices are predicted to increase 5.2%, with a prediction interval of 4.4% to 6.1%. Food-away-from-home prices are predicted to increase 7.1%, with a prediction interval of 6.8% to 7.5%.”Food prices are rising more slowly than the fever pitch inflation spike […]
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