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If there’s any good news for U. S. consumers about food costs in 2023, it’s that costs have risen at a much slower pace than a year earlier, when the inflation rate for some products was in the double digits. Consumers are expected to continue to see a slowdown in food inflation in 2024, according to a new report from the federal government. Don’t expect costs to go down.
See: Jaspreet Singh Says U. S. Economy Is About to Face Reality; Here’s why: Ways You’re Wasting Money at the Grocery Store
Last month, the U. S. Department of Agriculture. The U. S. Food and Drug Administration (USDA) released its latest food value forecast, based on statistical models related to recent trends. In 2024, the total value of food in the United States is expected to increase by as much as 2. 1%, with a diversity of forecasts. from a low of 2. 1% to an increase of 6. 7%. This means that, in theory, prices can fall depending on a variety of factors, but they can also be much more.
Household food costs are expected to increase by just 1% in 2024, with a projected variance from a 5. 5% decrease to a 7. 8% increase. Out-of-home food costs are expected to reach 4. 4%, with a forecast period of 2. 2% to 6. 7%, meaning you can be pretty sure that restaurant and takeout costs will continue into next year.
Overall, the forecast for 2024 is that food inflation will continue to slow from previous years.
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In September 2023, total food costs increased 3. 7% from a year earlier, according to the USDA. While this precisely smart news for consumers already surprised by peak inflation, it represents a major slowdown from 2022, when global food costs rose by nearly 10%. % year-over-year.
Here are some of the recent trends cited through the USDA:
In 2020, food at home increased by 3. 5% and food away from home by 3. 4%.
In 2021, home-cooked food will increase by up to 3. 5% and food away from home will increase by up to 4. 5%.
In 2022, meal-at-home costs increased by 11. 4%, while meal-out-of-home costs increased by 7. 7%.
There’s news heading into 2024. Household food costs were 2. 4% higher in September 2023 than in September 2022, the smallest year-over-year increase since June 2021, according to the USDA.
Eggs and poultry are also expected to continue to decline in 2024 from last year’s highs. In September 2023, eggs fell by 14. 5% from the previous year due to the decline in the global outbreak of avian influenza, known as highly pathogenic avian influenza or HPAI. .
“No cases of HPAI have been shown in advertising layers since December 2022, however, HPAI was shown in flocks of advertising turkeys in October 2023 for the first time since April 2023,” the USDA said in its report.
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This article originally published on GOBankingRates. com: Inflation: How Much You’ll Pay for Food in 2024, Experts Say