Chicken prices are cooling, but overall, food cost inflation will continue into 2023
The price for chicken is cooling off, experts say, thanks to a rise in production and a decrease in demand. However, the USDA is projecting that food prices will continue to rise through next year.
The price for chicken is cooling off, experts say, thanks to a rise in production and a decrease in demand. However, the USDA is projecting that food prices will continue to rise in 2022 by another 11-12 percent.
Boneless chicken breasts are currently averaging $2.63 per pound after record-high prices earlier this spring. However, experts say that increased production and soft demand will continue to pressure prices.
On the other hand, the USDA has once again updated its projection for this year’s food price inflation, and no surprise, it shows you’re paying even more for food at the grocery store.
“We’re still going up the hill, but it’s starting to flatten out,” said USDA Economist Matt Maclachlan. “So we do have a slower month-to-month price increase than we’ve had for the past few months. But in historical terms, they’re still relatively high.”
The agency expects food price inflation to increase for the remainder of this year and into the next year. They anticipate a slow-down in 2023 but say food prices will remain above historical averages.