Food inflation is projected to slow in 2024 to 3%, or half of the inflation rate of 2023. USDA says grocery prices increased by 5.3% this year while restaurant prices increased by 7.1%, according to the agency’s Food Price Outlook. Next year, grocery food prices are slated to climb by 1.6% and restaurant prices by 4.3%.

For October, all food prices were 3.3% higher than last year, with restaurant prices up 5.4% and grocery prices up 2.1%. USDA says prices in 12 food categories will climb the most, beef and veal at 4%, fats and oils at 9.3%, fresh vegetables and processed fruits and vegetables higher by 8.5%, sugar and sweets up 8.9%, cereals and bakery products by 8.5%, nonalcoholic beverages by 7.2%.

Read more on 2024 food price projections here.