Retail Food Price Inflation in 2022 Surpassed 2021 Rates

Retail Food Price Inflation in 2022 Surpassed 2021 Rates
January 27th, 2023 | NAFB News Service

Food-at-home prices increased by 11.4 percent in 2022, more than three times the rate in 2021 of 3.5 percent, according to USDA’s Economic Research Service. The increase was also much faster than the two percent historical annual average from 2002 to 2021.

All food categories except beef and veal grew faster in 2022 than in 2021. In 2022, price increases surpassed ten percent for food at home and for nine food categories. Egg prices grew at the fastest rate ,2.2 percent, after an outbreak of highly pathogenic avian influenza throughout 2022. Prices for fats and oils increased by 18.5 percent, largely because of higher dairy and oilseed prices.

Prices also rose for poultry, 14.6 percent, and other meats, 14.2 percent. Elevated prices for wholesale flour and eggs contributed to a 13.0-percent price increase for cereals and bakery products. Prices for beef and veal, fresh vegetables and fresh fruits rose more slowly, but all categories exceeded their historical averages.


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