New USDA food price data shows moderate 2014 inflation
© Copyright Agri-Pulse Communications, Inc.
WASHINGTON, July 25, 2013 - A report released today by USDA's Economic Research Service (ERS) predicts moderate inflation for 2014.
ERS' forecast of the 2014 food Consumer Price Index (CPI) - which measures the average change over time in the prices paid by consumers for a “representative market basket” of foods - will hover between 2.5 and 3.5 percent over 2013 levels.
The data shows that meat, poultry and fish will continue to be primarily responsible for food price inflation. Those products' prices will increase 2.5 to 3.5 percent over current levels.
Fruits and vegetables will see similar levels of inflation, according to the data - also between 2.5 to 3.5 percent.
ERS' forecast of 2013 food prices however, decreases from last month. The agency now expects overall food inflation to increase 1.5 to 2.5 over 2012 levels. The agency predictions for meat, poultry and fish have also decreased, from 1.5 to 2.4.
The next report will be released August 25.
ERS' complete data set can be accessed here.
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