Inflation Is Slowing, But Grocery Prices Anticipated To Remain High In 2023

  • The USDA’s Economic Research Service pointed out that last year, the cost of food increased by 9.9%, whereas groceries rose 11.4%, while eating out costs went up 7.7%.  In 2023, the USDA expects to see total food costs rise by 7.1%.
  • Groceries are likely to increase by 8%, and the cost of dining out is expected to go up by 8.2%. 
  • For eight specific food groups, the prices are projected to continue rising, even as those food items saw increases for the duration of last year.