USDA made few changes to its food price forecasts for 2019 and 2020, keeping the overall food price inflation outlook for both years at 1.5% to 2.5%.
They also still see food away from home (restaurant) prices rising two percent to three percent for both years and grocery store food at home) costs are seen rising 0.5% to 1.5% both in 2019 and 2020. The grocery price increase outlook remains well below the 20-year average and comes after prices at the store rose just 0.4% compared with 2017 when they declined 0.2%.
Compared to their prior outlooks, USDA edged down expectations in 2019 for poultry, fresh fruits and cereals and bakery products. While food prices are currently forecast to rise more than the increases for 2018, grocery store costs in particular remain below trend.
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