End of food inflation nigh in US
Food prices in 2023 are likely to be less of an issue for US consumers, after a nightmarish 2022. Food Navigator reports that the main conflicts driving the surge have now been partially resolved. In 2021-22, retail inflation hit a record 11%, the highest in over 40 years, according to the US Government Accountability Office (GAO), resulting in many consumers spending up to 30% of their total income on food.
Adverse weather due to climate change and animal disease outbreaks drove up prices, as did the war in Ukraine and surges in the prices of inputs. Supply chain disruption following the COVID-19 pandemic also had an impact on food prices.