Food inflation slowing but still above historical norms
Food prices are expected to grow more slowly in 2023 than in 2022 but still at above-historical-average rates, according to a new USDA report.
In June, food prices were 5.7% higher than in June 2022.
Grocery food prices in June were 4.7% higher than June 2022, and restaurant food prices were 7.7% above June 2022.
In 2023, all food prices are predicted to increase 5.8%, the report said.
Grocery food prices are now forecast to increase 4.9% in 2023, while restaurant prices are predicted to climb 7.5%, according to the report.
“Food prices are expected to continue to decelerate but not decline in 2024,” the report said.
In 2024, all food prices are predicted to increase 2.4%, according to the report. Grocery food prices are predicted to grow by just 0.9% in 2024, while restaurant food prices are forecast to jump 6.1%, the report said.
Compared with 2022, retail prices for fresh fruits are predicted to increase 0.4% in 2023, while fresh vegetables are predicted to grow by 1.1%, according to the report.
