USDA revised its forecast for food prices in 2024, expecting a smaller increase than previously predicted. All food costs this year are now projected to rise 2.2%, up from 2.3% in August, with grocery prices expected to climb by 1.1%, down from 1.2%. Restaurant prices are still forecast to rise 4.1%. In 2025, grocery prices are expected to rise 1.6%, a significant increase from the 1.1% predicted in August. Grocery costs are expected to rise 0.8% next year, while restaurant prices are projected to increase 3.1%.
In the new forecast, USDA said beef prices are expected to rise 5.2% this year and 2.5% in 2025, down from 5.6% and 3.0%, respectively, in last month’s outlook. Pork is forecast to rise 1.3% this year and 1.2% next year, down from 1.4% and 1.5%, respectively, last month. More from Pro Farmer.
