“USDA Predicts Modest Improvement in Food Prices – Conservative Policies to Thank?”

The U.S. Department of Agriculture recently released a report that forecasted food inflation to remain high for 2023 at 7.1 percent, a modest improvement from 2022’s 9.9 percent increase. Although some key foods are predicted to decrease slightly, the prediction range is for food prices overall to increase anywhere from 4.2 percent to 10.1 percent. Unsurprisingly, wages have not kept up with overall inflation since 2021 and are expected to continue to fail in 2023. SNAP benefits (Supplemental Nutrition Assistance Program, formerly food stamps) recipients, however, will be relieved to learn of a generous 12.5 percent increase for 2023. Social Security recipients, on the other hand, will receive an increase of 8.7 percent.

In 2022, food prices increased by 9.9 percent, and 11 food-price categories increased by more than 10 percent. Fats and oils, poultry, other meats, cereals and bakery products, other foods, dairy products, processed fruits and vegetables, nonalcoholic beverages, and sugar and sweets all experienced greater than average increases. The outbreak of Highly Pathogenic Avian Influenza (HPAI) had a particularly strong effect, drastically driving up egg prices by 32.2 percent.