Retail pork prices soared last year, part of an overall 11.4 percent increase in grocery prices, but they will decline this year by 1.1 percent, said USDA’s monthly Food Price Outlook on Monday. The report forecast a grocery inflation rate of 5.1 percent this year and a below-normal 1.6 percent in the new year.
Prices for most groceries were forecast to rise this year, with the largest increases in sugar and sweets — up 9.4 percent — and fats and oils — up 9.4 percent. In the previous report, four categories of food were forecast to see price increases above 9 percent, compared to two categories this month. Pork would be the only grocery category with a price decline.
The USDA has lowered its forecast of grocery price inflation for all but one month this year. The exception was in August, when it forecast prices would rise by 5.2 percent.