Food prices are continuing to increase, but at a slower monthly rate than many experts have been expecting and that has also decreased our expectations for what food price inflation looks like for 2023. Last month Agriculture Department Economist, Matt McLaughlin, was projecting grocery store food prices this year the top last year by 6.6% but now he says:
Price inflation is being cooled down by price declines for several major food categories, eggs being one of those. Matt says there have been no new cases of bird flu in commercial egg laying flocks since late last year…..
They’re still over 20% higher than a year ago but coming down, he adds
Although still half a percent below last year for beef. USDA experts expect food prices to increase slowly over the next year, but…not in all categories.
