USDA’s Economic Research Service (ERS) released its Consumer Price Index report, which showed that food prices increased 0.8 percent from August to September 2021, and food prices were 4.6 percent higher than in September 2020.
In 2021 thus far compared with 2020, food-at-home prices have increased 2.5 percent, and food-away-from-home prices have increased 3.6 percent. The beef and veal category has had the largest relative price increase of 6.5 percent, and the fresh vegetable category was the smallest, at 0.6 percent. ERS projects that in 2022, food-at-home prices are expected to increase between 1.5 and 2.5 percent, and food-away-from-home prices will increase between 3 and 4 percent.
ERS also noted wholesale beef prices increased 7.5 percent from August to September 2021, and prices for cattle decreased by 0.2 percent between the same period. Wholesale beef prices are predicted to increase between 21-24 percent in 2021.
