Food Inflation slowed in 2013

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While retail beef and veal prices increased in 2013, as did all foods according to USDA’s latest Consumer Price Index, they did so at a slower rate compared to 2012. The report shows beef and veal prices increased by 2.0 percent in 2013, compared to 6.4 percent in 2012. Compared to poultry, fish and seafood, and eggs, which increased by 4.7 percent, 2.5 percent and 3.3 percent respectively, beef and veal were among the lowest protein categories in the report. For 2014, USDA projects beef and veal prices will increase by 3 to 4 percent due to continued tight beef supplies.

Compared to November 2012, beef and veal prices increased by 0.2 percent and are 1.7 percent above December 2012 prices.

The index for pork prices decreased by 0.2 percent from November 2013 to December 2013 but were up 0.9 percent in 2013. For poultry products, prices increased 0.3 percent from November to December 2013 and were up 4.7 percent annual on an annual basis. All meats were down 0.1 percent from November to December 2013 and were up 1.2 percent in 2013. For 2014, USDA projects all meats will increase by 2.5 to 3.5 percent.

For 2013, all food increased by 1.4 percent, compared to 2.6 percent in 2012. USDA projects all food prices to increase by 2.5 to 3.5 percent in 2014, which is a rate closer to the historical norm.

After declining by 5.1 percent in 2012, fresh vegetable prices increased by 4.7 percent in 2013. USDA projects further increase of 2.0 to 3.0 percent for fresh vegetable prices in 2014.

Cereals and bakery products, which account for 8.6 percent of consumer spending, are the only food category for which USDA is projecting a price decrease in 2014, at 1.5 to 2.5 percent. USDA says the adjustment was made based on current projections for wheat production in the United States as well as recent decreases in fuel prices.

View the latest Consumer Price Index data from USDA’s Economic Research Service.

Wholesale beef prices moved 0.3 percent lower in December 2013 and were down 1.7 percent from December 2012 through 2013, according to the USDA’s Producer Price Index. Compared to a 10 percent increase in 2012, wholesale beef prices were down 0.4 percent on an annual basis in 2013. USDA forecasts wholesale beef to increase 1.5 to 2.5 percent. Wholesale pork prices fell 2.7 percent in December, but are still 4.1 percent higher than prices from last December.

View the latest Producer Price Index data from USDA’s Economic Research Service. 



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