<p><span style="font-weight: 400;">Americans are expected to spend more on food through the rest of 2023 and into 2024 as prices continue to rise even as President <a href="https://www.dailywire.com/topic/joe-biden" target="_blank" rel="noopener">Joe Biden</a> touts his record on <a href="https://www.dailywire.com/topic/inflation" target="_blank" rel="noopener">inflation</a> and &#8220;Bidenomics.&#8221;</span></p>
<p><span style="font-weight: 400;">According to a recent </span><a href="https://www.ers.usda.gov/data-products/food-price-outlook/summary-findings/" target="_blank" rel="noopener"><span style="font-weight: 400;">analysis</span></a><span style="font-weight: 400;"> from the U.S. Department of Agriculture&#8217;s Economic Research Service, food prices will remain elevated for the remainder of this year and into 2024, with increases in 2023 projected to be higher than average. </span></p>
<p><span style="font-weight: 400;">“Food prices are expected to grow more slowly in 2023 than in 2022 but still at above historical-average rates. In 2023, all food prices are predicted to increase 5.9 percent, with a prediction interval of 5.3 to 6.5 percent,” the USDA researchers said in a press release. </span></p>
<p><span style="font-weight: 400;">Prices for food-at-home, which is food bought at grocery stores or supermarkets, are expected to increase by 5.2% by the end of 2023. Food-away-from-home, food purchased at restaurants, is expected to jump 7.1%. </span></p>
<p><span style="font-weight: 400;">Prices for key food staples are expected to increase, including beef and veal (4.2%), other meats (4.8%), poultry (3%), dairy products (4.1%), fats and oils (9.6%), processed fruits and vegetables (9.2%), sugar and sweets (9.3%), cereals and bakery products (9%), nonalcoholic beverages (7.6%), and other foods (7.4%). </span></p>
<p><span style="font-weight: 400;">Food inflation is expected to continue into 2024 but rise at a lower rate. </span></p>
<p><span style="font-weight: 400;">“In 2024, all food prices are predicted to increase 2.8 percent, with a prediction interval of -2.0 to 7.9 percent. Food-at-home prices are predicted to increase 2.1 percent, with a prediction interval of -5.1 to 9.9 percent, and food-away-from-home prices are predicted to increase 5.1 percent, with a prediction interval of 2.7 to 7.5 percent,” the USDA said. </span></p>
<p><span style="font-weight: 400;">The predictions were made by examining data from the July 2023 Producer Price Index and Consumer Price Index. In July 2023, food cost 4.9% more than in July 2022. </span></p>
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<p><span style="font-weight: 400;">Inflation has been an ongoing problem during the Biden administration, with prices on everything from gas to food to used cars soaring. In speeches <a href="https://www.dailywire.com/news/biden-touts-record-on-inflation-as-americans-spend-hundreds-more-per-month" target="_blank" rel="noopener">across the country</a>, Biden has emphasized that inflation rates have declined since their peak during his presidency. However, many Americans are still spending hundreds more per month, on average. </span></p>
<p><span style="font-weight: 400;">One recent report showed that Americans paid $709 more dollars for basic goods and services in July 2023 than they did in July 2021. </span></p>

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Food Prices Set To Increase ‘Above’ Historical Average: Govt Analysis