Price development in the U.S.
As of 2023, the food inflation rate in the United States was at about 5.8 percent and is expected to decrease to just 1.3 percent in 2024. However, prices will continue to increase for many food items. For example, the price for a pound of beef is expected to grow until 2025, reaching 8.78 U.S. dollars, before dropping slightly. The price of American processed cheese hit an all-time high in 2023 at 4.96 U.S. dollars per pound, making it 27.5 percent more expensive than just two years prior.Consumer behavior
Continually increasing prices means growing food insecurity among many U.S. consumers. In May 2022, only about a quarter of consumers reported feeling worried about paying for food. As of November 2023, this was a concern of over 43 percent of consumers. A 2023 survey also revealed that 57 percent of consumers cut back their non-essential grocery purchases to account for higher costs. Additionally, the share of consumers who have never stopped a purchase because of the higher prices is at 20 percent, making it the lowest share since April 2022.
