Difficult economic times ahead for the U.S. are poised to unfold with the COVID-19 situation, but consumers are still not faced with sticker shock at the grocery store, according to the latest update from USDA.
USDA looks for overall U.S. food prices are forecast to increase in 2020 by 1.5% to 2.5% compared with 2019, nearly in line with the increase of 1.9% registered for 2019.
Grocery store prices are forecast to increase from 0.5% to 1.5%, in line with the increase of 0.9% in 2019. Food at home (grocery store) prices have a 20-year average increase of 2%. The increase of 0.9% in 2019 was the biggest rise at the grocery store since prices rose 1.2% in 2015.
Food away from home (restaurant) prices for 2020 are now seen rising from 1.5% to 2.5%, down from the month-ago outlook for prices for eating out to rise by 2% to 3%. The increase now forecast by USDA would be considerably under the 20-year average of 2.8%.
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