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Shining Light on Farm & Food Policy for 20 Years.
Monday, November 18, 2024
Food prices are on track to return to normal levels this year, as consumers can expect to see softened food-at-home costs after years of high inflation pushing prices up, economists project.
Supermarket prices rose 0.1% in September as the increased cost of beef, pork and milk masked price declines in many other products. It was the smallest increase in the cost of eating at home since June.
The UN Food and Agriculture Organization’s index of global food commodity prices rose for the first time in a year last month, led by increases in the cost of sugar and meat.
Cattle producers should be in line for a profitable year in 2023, but consumers will see higher prices at the grocery store as a result of an expected drop in production.
Grocery prices rose 0.2% in December, driven in part by another spike in the cost of eggs and an increase in beef prices that helped offset declines in many other categories.
A bipartisan group of senators has rolled out an updated piece of legislation that they hope will solve price discovery issues for beef producers. But the new legislation includes language that has already elicited opposition from some of the nation's leading farm groups.
Supermarket prices jumped another 1% in October and are up 5.4% over the past year as food continues to contribute to the worst inflation consumers have seen in decades.
A new analysis of Department of Agriculture data shows the average price for beef in grocery store shopping carts hit an all-time high in 2020 as the coronavirus pandemic reshaped consumer behavior and eating trends.
