USDA's latest Food Price Outlook reflects a continued stabilization of prices from the previous month.

Participants: Rod Bain and economist Megan Sweitzer.

Transcript

Among the trends noted within USDA's latest food price outlook issued pre Memorial Day weekend

From March to April, we saw grocery prices rise by 0.1 percent and these grocery prices were up about 1.1 percent from this time last year.

Economist Megan Switzer says this reflects relatively slow growth below the historical average growth for grocery prices are forecast for the year for 2024 are for grocery prices to rise by 1.2 percent.

Compared to 2023, no change from the previous month.

Our forecast is really stabilized at that 1.2 percent over the past few months and that's really being driven by relatively flat food at home price growth that we're seeing as coming out of consumer price index data.

That is, despite only five of the 15 food categories tracked in the food price index registering month over month price decreases.

I’m Rod Bain reporting for the US Department of Agriculture in Washington, D.C.