Food Prices Lag Overall Inflation Rate

March 3, 2022
Food prices are rising at a pace slightly behind inflation in general, according to the latest report from USDA.

Food prices are rising at a pace slightly behind inflation in general, according to the latest report from USDA.

The USDA’S Economic Research Service released a report March 2 stating that costs of all the items it tracks rose 4.7% in 2021, but food prices increased only 3.9%. While food prices didn’t rise as fast, food was ahead of all the other “major groups” of products tracked by USDA. The food price increases broke down at 4.5% for food away from home and 3.5% for food at home. The highest increases among specific products were for beef and veal, at 9.3%, and pork at 8.6%.

The USDA predicted that food prices would rise 2% to 3% this year. Food prices are a major concern for U.S. consumers, but many of them wildly overestimate its impact.

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