The USDA Consumer Price Index (CPI) for food measures the changes in the retail prices of food items, utilizing data from various stages of the food supply chain to improve forecasting accuracy.
The most recent report from the USDA includes year-over-year data on food pricing trends. Key findings include the following changes from February 2021 to February 2022:
- Meat, poultry and fish prices have increased 13.1 percent.
- Eggs have increased 11.4 percent.
- Fruits & vegetables have increased 7.6 percent.
- Cereals and bakery products have increased 7.8 percent.
The report goes on to predict that prices will increase further in 2022 in the following ways:
- Meat, poultry and fish prices will increase up to 4.5 percent.
- Eggs will increase up to 3.5 percent.
- Fruits & vegetables will increase up to 4.5 percent.
- Cereals and bakery products will increase up to 4 percent.
The USDA releases updated data to its Consumer Price Index monthly. For more information, visit www.ers.usda.gov/data-products/food-price-outlook.