USDA food price forecast

Food inflation dips lower, to 2.2 percent

Steaks, pork chops, and milk cost less than they did a year ago, said the Labor Department on Tuesday in reporting that grocery prices rose by 1 percent in the past 12 months. The overall food inflation rate, which includes groceries, carry-out food, and restaurant meals, was 2.2 percent, the lowest rate since May 2021.