USDA projects that calendar 2022 will wind up clocking a 10% increase in the price of meat, poultry and fish purchased for at-home dining, the largest price increase in the category in 43 years, according to the agency's most recent Food Price Outlook report.
Price increases in 2023, however, are expected to moderate to nearly normal levels, with an increase between 2% and 3% for the year, according to USDA's Economic Research Service.
Inflation for all food purchased for the home — which accounts for 62% of the overall food price calculations — is projected to land at about 11% for 2022. That would be the highest rate of price increases since 1974, although retail food inflation was nearly as high in 1978 and '79 as well.
In August, the month-to-month retail price changes in most meat categories actually fell compared to July: Beef and veal were down 0.3%, and pork and other meats were down 0.1%. Poultry prices rose 0.8% for the month.
For food eaten away from home, the category is expected to wrap up 2022 with inflation of around 7%. That category also is expected to moderate next year to about 3.5%.
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