Food Prices Expected In Increase Slightly In 2024

The Agriculture Department is expecting at home food prices this year to increase by 1.2%, which is a slight increase from the 1% that USDA economists had expected.  USDA economist Meghan Schweitzer says prices for a couple of key food categories have been higher than expected, inching that rate up.

“You saw a few categories with larger increases this month, such as beef and veal, prices rose by 1.8% this month," she said.  "And egg prices rose by 5.7% this month, so forecast for those categories in particular ticked up a bit.” 

If that increase of 1.2% holds true, it would be the lowest annual food price hike in six years.

Prices for food away from home, better known as restaurants, is expected to increase 4.1% in 2024.

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