04/01/2024
Don't be FOOLED! Food Prices are expected to increase in 2024.
What are you doing to be prepared?
"In 2024, all food prices are predicted to increase 2.5 percent, with a prediction interval of 0.6 to 4.5 percent. Food-at-home prices are predicted to increase 1.6 percent, with a prediction interval of -1.3 to 4.5 percent, and food-away-from-home prices are predicted to increase 4.1 percent, with a prediction interval of 2.9 to 5.2 percent.
In 2023, food prices increased by 5.8 percent. Food price growth slowed in 2023 as economy-wide inflationary pressures, supply chain issues, and wholesale food prices eased from 2022. Food-at-home prices increased by 5.0 percent, and food-away-from-home prices increased by 7.1 percent.
In 2022, food prices increased by 9.9 percent, faster than any year since 1979. Food-at-home prices increased by 11.4 percent, while food-away-from-home prices increased by 7.7 percent. All food price categories increased by more than 5 percent, and all food categories grew faster than their historical average rate.
In 2020, food-at-home prices increased 3.5 percent and food-away-from-home prices increased 3.4 percent. This convergence was largely driven by a rapid increase in food-at-home prices following the onset of the Coronavirus (COVID-19) pandemic, particularly for meats and poultry, while food-away-from-home price inflation remained similar to its 2019 inflation rate. In 2021, all food prices increased 3.9 percent as prices began accelerating in the second-half of the year. No food categories tracked by the U.S. Department of Agriculture (USDA), Economic Research Service (ERS) decreased in price in 2021 compared with their prices in 2020.
Sugar and sweets and fats and oils are expected to experience among the highest price growth of all food-at-home categories in 2024"
- Beef and veal prices are predicted to increase 2.7 percent in 2024
- Pork prices are predicted to decrease 1.6 percent in 2024
- Poultry prices are predicted to increase 0.5 percent in 2024
- Fish and seafood prices are predicted to decrease 1.7 percent in 2024
- Egg prices are predicted to increase 4.8 percent in 2024
- Sugar and sweets prices are predicted to increase by 5.8 percent in 2024
- Prices for cereals and bakery products are predicted to increase 1.3 percent in 2024
- Prices for fats and oils are predicted to increase 4.7 percent in 2024
Want to read the full article?
https://www.ers.usda.gov/data-products/food-price-outlook/summary-findings/
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https://littlebunnyusa.com/processing-1
