These situations will be closely monitored to assess the net impacts of the concurrent events on food prices as they unfold. The impacts of the conflict in Ukraine are expected to put upward pressure on food prices, and the recent increases in interest rates by the Federal Reserve are expected to put downward pressure on food prices.
The prices for five disaggregate categories increased by more than 2.0 percent. Prices for meats, poultry, and fish, and the prices for 9 disaggregate food categories increased by at least 1.0 percent in May. These price increases were driven by increases for many products. The large increases in all-food and food-at-home prices in May followed similarly large changes in January through April. No food price categories were revised downward. The ranges for 10 food categories and 4 aggregate categories were revised upward this month.
No food categories decreased in price in 2021 compared with 2020. Department of Agriculture (USDA), Economic Research Service (ERS), the beef and veal category had the largest relative price increase (9.3 percent) and the fresh vegetables category the smallest (1.1 percent).
Of all the CPI food-at-home categories tracked by the U.S. The CPI for all food increased an average of 3.9 percent in 2021. In 2021, food-at-home prices increased 3.5 percent and food-away-from-home prices increased 4.5 percent. The only category to decrease in price in 2020 was fresh fruits, by 0.8 percent. The largest price increases were for meat categories: beef and veal prices increased by 9.6 percent, pork prices by 6.3 percent, and poultry prices by 5.6 percent. This convergence was largely driven by a rapid increase in food-at-home prices, while food-away-from-home price inflation remained within 0.3 percentage points of the 2019 inflation rate. In 2020, food-at-home prices increased 3.5 percent and food-away-from-home prices 3.4 percent. The divergence is partly due to differences between the costs of serving prepared food at restaurants and retailing food in supermarkets and grocery stores. Since 2009, however, their rates of growth have mostly diverged while food-at-home prices deflated in 20, monthly food-away-from-home prices have been rising consistently since then. Price increases for food at home and food away from home are expected to exceed historical averages and the inflation rate in 2021.īetween the 1970s and early 2000s, food-at-home prices and food-away-from-home prices increased at similar rates. In 2022, food-at-home prices are predicted to increase between 8.5 and 9.5 percent, and food-away-from-home prices are predicted to increase between 6.0 and 7.0 percent.
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