Americans are expected to spend more on food through the rest of 2023 and into 2024 as prices continue to rise even as President Joe Biden touts his record on inflation and “Bidenomics.”
According to a recent analysis from the U.S. Department of Agriculture’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.
“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.
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%.
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%).
Food inflation is expected to continue into 2024 but rise at a lower rate.
“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.
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.
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Inflation has been an ongoing problem during the Biden administration, with prices on everything from gas to food to used cars soaring. In speeches across the country, 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.
One recent report showed that Americans paid $709 more dollars for basic goods and services in July 2023 than they did in July 2021.