Home > News > Retail Food Inflation Double Digits for 2022, to Increase Slightly in 2023

Retail Food Inflation Double Digits for 2022, to Increase Slightly in 2023

Posted December 2, 2022
in Top Ag News

Canned goods at a grocery store in Fairfax, VirginiaAccording to a new USDA Food Price report, retail food inflation has tapered slightly but is still running up double digits from 2021. Farm-level prices for fresh fruits and vegetables are still seeing largely increased prices. October food prices were 10.9% higher than last year at the same time, while grocery food prices were 12.4% higher. USDA also said restaurant prices were up 8.6% at the same time.

Overall 2022 inflation for all food is now projected to be between 9.5% and 10.5% with grocery prices increasing between 11% and 12%. USDA expects 2023 prices to increase between 3% and 4%, with similar increases in grocery prices and restaurant prices.

Read more on food inflation and 2023 price predictions here.

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