Food Prices Will Rise Again in 2023, Putting More Pressure on Families

The U.S. Department of Agriculture predicts food prices will continue their climb in 2023. All food prices are projected to increase about 8% over 2022 rates, with at-home food costs slightly higher than restaurant rates.

Economists see eggs continuing to lead the pack with a 37.8% increase this year, while beef and pork prices decrease about 1%.

The silver lining? It’s not expected to be as sharp of a jump as consumers saw in 2022.

Still, the ongoing high prices put pressure on grocery stores where margins are thin. Business is getting slower at Wohlner’s Neighborhood Grocery & Deli in Omaha, where owner Robert Kimball has paid up to 15% more for his products in the past year.

Just getting product to the independent grocery is a big expense – fuel was up $8,000 last year, and Kimball expects it to increase more this year.

He said he’s doing his best to keep the lights on and limit price increases for customers. But still, he’s seeing fewer folks in the check out lines.

“I’m losing some customers just because they can go to a big box chain store and purchase their weekly groceries cheaper than what they could purchase here,” Kimball said.