food inflation

High food inflation to persist in 2023

The 9.9 percent food inflation rate of 2022 will be followed by a 7.1 percent rate this year, the highest rates in three decades, said USDA economists on Wednesday. Egg prices were forecast to rise 27 percent this year, on top of a 32 percent increase in 2022.

Food inflation slows, though still above 10 percent

Food inflation is down for the fourth month in a row, dipping to an annualized rate of 10.4 percent, aided by beef prices that are lower than a year ago, said the Labor Department on Thursday. President Biden said the 0.3 percent increase in food prices during December was the smallest in almost two years.

World food prices down for ninth month in a row

The Russian invasion of Ukraine drove food prices to record levels during 2022 and the Food Price Index remains elevated after a nine-month decline, said the UN Food and Agriculture Organization.

USDA raises forecast of grocery inflation in 2023

Grocery prices will rise 3.5 percent in the new year, nearly double the long-term average but a dramatic slowdown from this year’s 11.5 percent, said the Agriculture Department Thursday in its Food Price Outlook.

Food price inflation slows, though prices still high

The food inflation rate declined in November for the third month in a row to its lowest level since June, said the Labor Department on Tuesday. Despite the improvement, food prices are 10.6 percent higher than they were a year ago, according to the Consumer Price Index report.

After roller-coaster ride, food prices are back at starting point

Global food prices skyrocketed following the Russian invasion of Ukraine last February, but they have returned to earth, said the FAO Food Price Index, based on monthly changes in a basket of food commodities.

Ag groups argue over cost of Thanksgiving dinner

Turkey farmers and processors yelped over a farm group survey on Wednesday that said high turkey prices were driving up the cost of a home-cooked Thanksgiving dinner. “Turkeys and good deals are available!” said the National Turkey Federation in one of the few times the American Farm Bureau Federation has been challenged on its spot checks of holiday grocery prices.

Food inflation declines for second month in a row

Lower beef prices helped pull down the food inflation rate to an annualized 10.9 percent in October, the second month in a row of a decline, said the Labor Department in the Consumer Price Index report.

Persistent food inflation will extend into 2023, says USDA

The high food inflation rate this year will bleed into 2023, said the Agriculture Department on Tuesday, raising its forecast for the new year to 3.5 percent. It was the first adjustment since USDA economists began inflation forecasts for 2023 in July.

Food inflation rate slows for first time in 16 months

U.S. food prices are 11.2 percent higher than a year ago, modestly lower than the inflation rate of the previous month and ending a string of month-over-month increases dating from June 2021, said the government on Thursday.

USDA: Highest grocery price inflation since 1974

Grocery prices will rise an average of 11 percent this year, the largest year-on-year increase since 1974, when prices soared by a torrid 14.9 percent, said the USDA. The monthly Food Price Outlook said grocery inflation would ebb to a near-normal 2.5 percent in 2023.

Make school lunches free again, say House Democrats

Nearly one of every four Democrats in the House signed a letter to congressional leaders on Thursday, asking for a return to universal free school lunches and breakfasts.

Political views shape how Americans see food inflation

Politically conservative Americans tend to overestimate and liberals to underestimate the annual inflation rate for food, according to a poll of 1,200 consumers by Purdue University. The difference in views is 3 to 4 percentage points, said Purdue researchers on Wednesday.

Food inflation rate is up while U.S. rate inches down

Food prices mushroomed by 11.4 percent in the past year, said the government's monthly inflation report on Tuesday. August was the 15th month in a row the food inflation rate increased, starting from 2.2 percent in May 2021.

After relentless increases, food inflation rate stands still

Higher consumer demand and lower supplies are driving up pork and egg prices, but after increasing for six months in a row, the U.S. food inflation rate for 2022 is unchanged this month, said the USDA on Thursday.

Food inflation rate rises for 14th month; Americans pare grocery lists

More and more Americans are switching to generic brands or looking for discounts at the grocery store in response to sustained high food inflation, now running at 10.9 percent — the highest rate since the inflation-plagued late 1970s. Food prices continue to rise even though the overall U.S. inflation rate has slowed notably, said the Labor Department on Wednesday.

Ag employers struggling to retain workers, says report

Foreign-born workers are an essential part of the U.S. food supply chain, and if the nation wants to stabilize food prices, it’s going to need a lot more of them, according to new research released this week by the American Immigration Council. The group, which advocates for immigrants throughout the U.S., found that ag employers are struggling to retain enough workers amid a national labor crisis that is fueling higher prices at grocery stores.

Food prices are high, but what lies ahead?

Rising prices — especially for food — are grabbing headlines, but the course of the Covid-19 pandemic, the war in Ukraine, slumping consumer demand, and supply chain disruptions are all feeding into an exceedingly muddy economic picture. Yet when it comes to food and commodity inflation, the worst may be over. 

Link between commodity prices and inflation is weak

There is little correlation between commodity prices and inflation rates, said a group of agricultural economists writing at the farmdoc daily blog. "Current high inflation rates do not necessarily signal a continuing period of high commodity prices," they said, pointing to "plateaus" when corn and soybeans cluster around long-term price averages.

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