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USDA: FOOD PRICES INCREASED 5.8% IN 2023
Feb. 15, 2024
National Association of Farm Broadcasting (NAFB) reports:
In 2023, all food prices increased by 5.8 percent on average compared with 2022. The figure includes both food away from home and food purchased for consumption at home.
Food-at-home prices increased by 5.0 percent, while food-away-from-home prices increased by 7.1 percent. Food prices are expected to continue to decelerate in 2024.
The all food prices are predicted to increase 1.3 percent, with a prediction interval of -1.4 to 4.2 percent. Food-at-home prices are predicted to decrease 0.4 percent, with a prediction interval of -4.5 to 4.0 percent, and food-away-from-home prices are predicted to increase 4.7 percent, with a prediction interval of 3.1 to 6.2 percent.
Meanwhile, the Consumer Price Index earlier this week indicated an increase in January. The food index rose 0.4 percent in January, and the food at home index also increased 0.4 percent over the month. The food at home index rose 1.2 percent over the last 12 months, while the index for food away from home rose 5.1 percent.
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