Consumers may find price tags ticking up at the grocery store in coming months, as a 2023 inflation report predicts food prices could rise as much as 10 percent this year.
Food prices are forecast to grow more slowly in 2023 than in 2022 but still at above-historical average rates, according to a report released last month by the U.S. Department of Agriculture Economic Research Service.
The Consumer Price Index for all foods increased 0.4 percent from January to February 2023 and was 9.5 percent higher than in February 2022. All food prices are predicted to increase 7.5 percent this year, the report said.
ERS also forecasts food-away-from-home prices will increase 0.5 percent higher than food-at-home, or grocery store, purchases.
Prices increased for all food-at-home categories except fresh vegetables and eggs from January to February this year. Continuing increases in the Federal Reserve’s interest rate placed downward pressure on prices, and values for unprocessed agricultural commod...