Farms.com Home   News

Despite Record-high Beef Prices, 2014 Food Inflation Was Close To 20-Year Average

Retail food price inflation has been more volatile in recent years. In 2007 and 2008, grocery store (food-at-home) prices rose 4.2 and 6.4 percent, respectively, as a result of rapid increases in farm-level rice, grain, and oilseed prices. The Great Recession helped push down at-home food price inflation to just 0.5 percent in 2009 and 0.3 percent in 2010.

Inflation was again higher than the 20-year average in 2011, reaching 4.8 percent. However, in 2014 retail food prices rose 2.4 percent, near the 20-year annual average of 2.6 percent. While retail food price inflation was modest in 2014, food categories in the perimeter of the grocery store—beef and veal, pork, eggs, dairy, and fresh fruit—all experienced above average inflation. In contrast, items in the center aisles experienced inflation below average or, in some instances, even saw deflation; prices for sugars and sweets and for nonalcoholic beverages fell in 2014

Despite record-high beef prices, 2014 food inflation was close to 20-year average

Source:USDA


Trending Video

Interview with Dr. Jayson Lusk: Market Impact of the Global Adoption of PRRS-Resistant Pigs

Video: Interview with Dr. Jayson Lusk: Market Impact of the Global Adoption of PRRS-Resistant Pigs

What is the economic impact of adopting the PRRS-resistant pig for farmers in the U.S.?

In this exclusive interview, Dr. Jayson Lusk, Dean of Agriculture at Oklahoma State University, shares insights from his latest research on the market impact of PRRS-resistant pigs.

Insights include:

•What happens to the global market if farmers in the U.S. adopt the PRRS-resistant pig

•The risks of not adopting the technology

•The ways pork producers can remain competitive against other proteins


This could be a pivotal moment for the pork industry – both for improving animal welfare and for enhancing the viability of pork producers.