The U.S. Department of Agriculture (USDA) predicts food prices for the year will hit 9.6 percent, according to the department’s  Food Price Outlook report published in late March.
Overall, food prices are expected to grow more slowly in 2023 than they did in 2022, but remain above historical average rates, according to the report.
Forecasts now include a midpoint and a prediction interval to represent the expected price change and range of likely prices.
In 2023, the USDA said all food prices are predicted to increase 7.5 percent, with a prediction interval of 5.5 percent to 9.6 percent.
Food price inflation is divided into two groups: “Food at home” index tracks how prices have changed for food found in grocery stores, while “Food away from home” index tracks how prices have changed for restaurant purchases….