Food Price Inflation Subsided in 2023

USDA’s Economic Research Service says food-at-home prices increased by five percent in 2023, much lower than the growth rate in 2022 of 11 percent. However, that was still double the historical annual average growth rate from 2003 to 2022, which was 2.5 percent. All product categories grew more slowly in 2023 than they did compared to 2022.

Food price growth slowed last year as economy-wide inflationary pressures, supply chain issues, and wholesale food prices eased from 2022. In 2023, prices for fats and oils grew the fastest at nine percent. Sugars and sweets are 8.7 percent, and cereals and bakery products rose 8.4 percent. Pork prices dropped 1.2 percent in 2023l.

Prices for several categories grew more slowly than their historical averages, including beef and veal at 3.6 percent, eggs 1.4 percent, fresh vegetables at less than one percent. Fresh fruits and seafood grew 0.7 percent and 0.3 percent, respectively.