The USDA recently modified its forecast for food prices in 2024 and 2025. The report indicates food prices in 2024 are now expected to rise 2.2%, a smaller increase than previously thought. The change includes a slight degree in grocery price increases and a 4.1% increase in restaurant prices.

However, the forecast for next year includes a higher increase in prices than predicted earlier. The current expected rate is a 1.6% increase, compared to the 1.1% previously thought.

In conjunction, the USDA expects beef prices to increase 5.2% in 2024 and 2.5% the year after. Both rates are slightly lower than earlier expectations.

Read more on the change.