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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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