USDA's latest food price forecast should be good news for shoppers.

Participants: Gary Crawford and USDA economist, Megan Sweitzer.

Transcript

Analysts at the Agriculture Department are projecting that food at the grocery store this year will likely cost us more than last year, but only about 1 percent more.

And that's compared to a 5 percent increase in prices that we saw for groceries in 2023.

USDA economist Megan Switzer told us even though we are only a bit more than halfway through this year...

"I don't expect too much change in the forecast through the remainder of the year.

We've sort of narrowed in on this right around 1 percent predicted change in prices.

It's been the same for the past two months."

And while overall grocery prices are expected to rise, some food categories will cost less than last year, fresh fruit almost 1 percent less...

"And then a few other categories where we're predicting price declines in 2024.

Fish and seafood by 0.8 percent, eggs by 0.3 percent..."

Milk and dairy by almost half a percent.

Gary Crawford for the U.S. Department of Agriculture.