Any thought that food prices might fall back any time soon may have had some water thrown on it by the latest United States Department of Agriculture’s (USDA) Food Price Outlook.
According to the USDA, food prices are expected to grow more slowly in 2023 than in 2022, but it will still be at above historical average rates.
The Consumer Price Index (CPI) rose by 0.8 percent from December 2022 to January 2023 and was up 6.4 percent from January 2022.
The CPI for all food increased 0.7 percent from December 2022 to January 2023, and food prices were 10.1 percent higher than in January 2022.
USDA reports grocery store and supermarket food prices were up in January by 11.3 percent from a year ago. Restaurant purchases, according to the report, rose 8.2 percent from January of last year.
