A new USDA report shows retail food prices increased 8.9 percent in the first seven months of this year. That increase is higher than the rate over the same period last year and 2020.
All 13 food categories in the USDA report experienced faster price increases so far in 2022, compared with the same period last year and historical average price increases through July. All food categories saw price increases of at least four percent during the first seven months of 2022. Three food category prices increased by more than 10 percent: eggs at 21 percent, fats and oils were up 13 percent, and poultry rose 12 percent.
Inflationary pressures differ by category. For example, eggs and poultry prices are currently much higher than their historical average because of an outbreak of highly pathogenic avian influenza. Fresh vegetables increased the least of all categories in the first seven months of this year.
