The U.S. Department of Agriculture’s latest Food Price Outlook says food price inflation for 2024 will be less than half of the pace set in 2023.
This year, the USDA says prices for all food are predicted to increase by 2.2 percent, down from 5.8 percent in 2023. Food-at-home prices are predicted to increase by one percent, and food-away-from-home prices are expected to increase by 4.3 percent. The USDA says 2025 food prices are expected to increase slower than the historical average rate of growth. Prices for all food in 2025 are predicted to increase by two percent. This year, USDA said prices were lower in June 2024 compared to June 2023 for four food-at-home categories, including fish and seafood, dairy products, fresh fruits, and fresh vegetables. Apple prices, in particular, were 12 percent lower than in June 2023 because of higher supplies. Fresh fruit prices are predicted to drop 0.8 percent in 2024.
