This year, grocery store prices will be higher from a year ago. But USDA economists say the increases won’t be nearly as bad as last year.
Economist Matt MacLacklan predicts an increase of about 6% 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% from the previous year. The 6% 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%.
Related Stories
Proposed legislation would require automakers to include AM radio in all new passenger vehicles at no additional cost.
HTS Commodities’ Lewis Williamson joins us to recap USDA’s latest Crop Progress Report, troubling winter wheat conditions, and key market factors shaping the markets as the growing season progresses.
Senate Ag Chairman John Boozman says Farm Bill text could be released within weeks, with a committee markup targeted for later this summer.
Livestock producers should inspect animals daily, report any suspicious wounds immediately, and comply with local movement restrictions.
Farm Bureau economist John Newton says farm income has declined every quarter for three years.
Riders will retrace more than 1,900 miles of the historic Pony Express route.
