USDA Reports Low Food Price Inflation In 2024

The smallest yearly hike in grocery store food prices in six years.  That, according to the USDA, is what 2024 has given food shoppers with prices up this year by only 1.2%.

“Lower than the average over the past 20 years, which has been an average of 2.7% per year," said USDA economist Megan Sweitzer.  She added the shocks from the COVID pandemic that hit the food system, sending food prices up by 11 ½% in 2022, 5% in 2023, have pretty much subsided.  Plus, in 2024.

“We saw energy prices drop as of November 2024.  Energy prices were down 3.2% from," Sweitzer said.  "A year ago, prices for raw agricultural.  So those products right off the farm were lower than they were a year ago.”

Sweitzer added if these trends continue, then 2025 could bring food shoppers another year of low or even no food price inflation.

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