After a sharp increase in the food price outlook last month, USDA trimmed its forecast this month. USDA now expects all food prices to rise 2.5% in 2024, down from a projected 2.9% increase last month and well below the 5.8% jump last year. Food at home (grocery store) prices are forecast to increase 1.6%, the same as last month and down sharply from the 5.0% jump in 2023. USDA projects food away from home (restaurant) prices will increase 4.1%, down from the 5.0% forecast last month and well below last year’s 7.1% surge.
USDA forecasts beef prices will increase 2.7%, while pork prices are expected to drop 1.6%. Poultry prices are anticipated to inch up 0.5% this year. Egg prices are predicted to increase 4.8% in 2024.
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