USDA forecasts all food costs this year will rise 2.3%, up from 2.2% in September, with grocery prices expected to climb by 1.2%, up from 1.1% last month. Restaurant prices are still forecast to rise 4.1%. For 2025, food costs are projected to increase 2.4%, with expected rises of 1.6% for grocery prices and 3.4% for restaurant prices.
Beef prices are expected to rise 5.5% this year and 2.2% in 2025. Pork is forecast to increase 1.7% this year and 2.2% next year. Egg prices continue to show volatility, with 2024 costs projected to rise 8.8%. The 2025 egg price increase was revised even higher to 10.5%, a sharp jump from the 4.7% projected in September. USDA noted highly pathogenic avian influenza outbreaks have significantly reduced the U.S. egg-layer flock, contributing to the price surge.
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