(The Center Square) – 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.“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 prices are expected to continue to decelerate but not decline in 2024,” USDA said. “In 2024, all food prices are predicted to increase 2.8%, with a prediction interval of -2.0% to 7.9%. Food-at-home prices are predicted to increase 2.1%, with a prediction interval of -5.1% to 9.9%, and food-away-from-home prices are predicted to increase 5.1%, with a prediction interval of 2.7% to 7.5%.”
Food prices rose noticeably in 2020, increasing by more than 3% while some categories like meat became even more expensive than that. In 2021, the price of food-at-home rose 3.5% while the food-away-from-home prices rose 4.5%. Once again, beef saw a spike in cost, though all categories became more expensive.
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