U.S. food-at-home prices increased 5 percent in 2023 compared with 2022

Average annual food-at-home prices were 5.0 percent higher in 2023 than in 2022. For context, the 20-year historical level of retail food price inflation is 2.5 percent per year. Price growth slowed in 2023 compared with 2022, when food-at-home prices rose by 11.4 percent. Prices for fats and oils rose the fastest in 2023 (9.0 percent), followed by sugar and sweets (8.7 percent), and cereals and bakery products (8.4 percent). Pork was the only category to decline in price in 2023, by 1.2 percent. Prices for several categories grew more slowly than their historical averages, including beef and veal (3.6 percent), eggs (1.4 percent), fresh vegetables (0.9 percent), fresh fruits (0.7 percent), and fish and seafood (0.3 percent).

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