Wheat Product Inflation Outpaced Food Price Inflation in 2022

According to the Consumer Price Index, consumer prices for wheat-based products were up substantially in 2022 compared to 2021.  ERS reports that the prices of various wheat products were up more than 10% from 2021.  The increase outpaced the inflation rate in the broader "all food" category, which was up 9.9%, more than double the average increase of the previous decade.

The average price level across the cereals and bakery products category was up 13% in 2022, well above the previous year's increase of 2.3% and more than three times as large as any year in the past decade.  Flour prices and prepared flour mixes were nearly 19% higher in 2022, far exceeding the average from the previous decade.  Commodity prices for wheat were elevated in 2021 and 2022, but the increase in prices for wheat-based consumer products did not fully appear until 2022.

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