USDA: Food prices still increasing

The department released a new forecast for grocery store prices for 2023.

Groceries

Grocery shopping

This year, grocery store prices will be higher from a year ago, but USDA economists say the increases will not be nearly as bad as last year.

Economist Matt MacLacklan predicts an increase of about 6 percent this year.

“Without a major change in trends, we don’t expect to be going over 6%", he said. “For food at home, we are expecting prices increases to be between 4.4 and 6.1%. Right now, year to date, if we were to take just the average prices we have observed from July, we’re at 4.8% compared to 2022.”

Food shoppers last year saw grocery prices increase 11.5 percent from the previous year. The 6 percent estimate for this year is on top of that increase, as prices have not come down.

For next year, USDA estimates prices will increase another 2 percent.

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