U.S. Food Prices Experience Modest Increase in 2024

In 2024, U.S. consumers saw a 1.2% rise in grocery store prices compared to 2023, a rate below the 20-year average of 2.7% annual food price inflation.
ECONOMIC RESEARCH SERVICE

Key Highlights:

Egg Prices: Due to a resurgence of avian influenza, egg prices increased by 8.5%, the highest among food categories.

Beef and Veal: Prices rose by 5.4%, influenced by factors such as feed costs and supply chain adjustments.

Sugar and Sweets: A 3.0% price hike was observed, potentially linked to global sugar market fluctuations.

Conversely, prices for fish and seafood decreased by 1.9%, and dairy products saw a slight decline of 0.2%. Overall, the slower growth in food prices reflects a stabilization following the significant increases experienced in previous years.