From the U.S. Department of Agriculture, May 25:
This page summarizes the May 2022 forecasts, which incorporate the April 2022 Consumer Price Index and Producer Price Index numbers.
See Changes in Food Price Indexes, 2019 through 2022 for data files.
Consumer Price Index for Food (not seasonally adjusted)The all-items Consumer Price Index (CPI), a measure of economy-wide inflation, increased by 0.6 percent from March 2022 to April 2022 before seasonal adjustment, up 8.3 percent from April 2021. The CPI for all food increased 1.0 percent from March 2022 to April 2022, and food prices were 9.4 percent higher than in April 2021.
The level of food price inflation varies depending on whether the food was purchased for consumption away from home or at home:
- The food-away-from-home (restaurant purchases) CPI increased 0.6 percent in April 2022 and was 7.2 percent higher than April 2021; and
- The food-at-home (grocery store or supermarket food purchases) CPI increased 1.3 percent from March 2022 to April 2022 and was 10.8 percent higher than April 2021.
Food price increases are expected to be above the increases observed in 2020 and 2021. In 2022, food-at-home prices are predicted to increase between 7.0 and 8.0 percent, and food-away-from-home prices are predicted to increase between 6.0 and 7.0 percent. Price increases for food away from home are expected to exceed historical averages and the inflation rate in 2021.....*****.... Prices for the category of meats increased by 0.7 percent between March 2022 and April 2022. Wholesale pork prices, along with port congestion, contributed to a 0.9-percent increase in retail pork prices in April 2022. Prices for other meats had the largest increase within the “meats” category—2.2 percent—in April 2022. In 2022, pork prices are predicted to increase between 6.0 and 7.0 percent and other meat prices are predicted to increase between 9.0 and 10.0 percent. The aggregate categories of meats, poultry, and fish are predicted to increase between 7.0 and 8.0 percent, and meats are predicted to increase between 6.5 and 7.5 percent in 2022.An ongoing outbreak of highly pathogenic avian influenza has reduced the U.S. egg-layer flock and drove a 10.3 percent increase in retail egg prices in April 2022. Retail poultry prices have been high, with historically low stocks of frozen chicken (also called “cold storage”). The ongoing highly pathogenic avian influenza outbreak has also contributed to increasing poultry prices as over 38 million birds have been affected. The disease prevalence also impacts international demand for U.S. poultry. Price impacts of the outbreak will be monitored closely. Poultry prices are now predicted to increase between 8.5 and 9.5 percent, and egg prices are predicted to increase between 19.5 and 20.5 percent.
Fish and seafood prices rose by 0.9 percent in April 2022, climbing to 11.9 percent above April 2021 prices. Fish and seafood prices are now predicted to increase between 7.0 and 8.0 percent....
....MUCH MORE
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