Retail food price inflation in 2022 surpassed 2021 rates in most categories

Food-at-home prices increased by 11.4 percent in 2022, more than three times the rate in 2021 (3.5 percent) and much faster than the 2.0-percent historical annual average from 2002 to 2021. Of the food categories depicted in the chart, all except beef and veal grew faster in 2022 than in 2021. In 2022, price increases surpassed 10 percent for food at home and for nine food categories. Egg prices grew at the fastest rate (32.2 percent) after an outbreak of highly pathogenic avian influenza (HPAI) throughout 2022.

Prices for fats and oils increased by 18.5 percent, largely because of higher dairy and oilseed prices. Prices also rose for poultry (14.6 percent) and other meats (14.2 percent). Elevated prices for wholesale flour—attributed to the conflict in Ukraine and rising fertilizer prices—and eggs contributed to a 13.0-percent price increase for cereals and bakery products.

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