Food-at-home prices increased by 5% in 2023, much lower than the growth rate in 2022 (11.4%) but still double the historical annual average growth from 2003 to 2022 (2.5%).
All product categories shown grew more slowly in 2023 compared with 2022. Food price growth slowed in 2023 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 (9%), followed by sugar and sweets (8.7%), and cereals and bakery products (8.4%). Pork prices declined 1.2% in 2023, and prices for several categories grew more slowly than their historical averages, including beef and veal (3.6%), eggs (1.4%), fresh vegetables (0.9%), fresh fruits (0.7%), and fish and seafood (0.3%).
Egg price growth receded in 2023 after a highly pathogenic avian influenza outbreak affected the industry in 2022. USDA Economic Research Service (ERS) researchers project overall food-at-home prices will decrease 0.4% in 2024, with a prediction interval of -4.5 to 4%. — USDA ERS
