U.S. Food Prices Expected to Rise Upwards of 5.5% in 2022

Consumers can expect food prices to increase an upwards of 5.5% in 2022, according to the latest from USDA. The all-food Consumer Price Index (CPI), led by USDA’s Economic Research Service, increased the amount from 4.5% to 5.5% compared to 2021. No categories of food are expected to decline in price.

Restaurant prices are expected to increase 5.5%to 6.5%, the third increase in three months. Grocery store prices are now projected to rise 3% to 4% this year. In 2021, grocery store prices increased 3.5%, restaurants were up 4.5% and all food prices up a total of 3.9% compared to 2020. Beef and veal led the rise at a 9.3% increase while fresh vegetable prices saw the smallest rise at 1.1%.

Read more on food prices here.