Could Food prices Ease in 2023?
In its first forecast for 2023, USDA sees inflation retracting to a 2.5%-3.5% range. The 20-year historical average for consumer food prices is a 2.4% rise. The biggest increase is for the fats and oils category, which is hiked to a 16.5%-17.5% range from a 14%-15% range. Other categories with big increases are poultry, dairy and cereals/bakery. Read more here.