Grocery Price Hikes Set to Slow in 2023, Offering Relief to Shoppers After 2 Years of Rapid Increases

Grocery prices are forecast to increase just 1.6% in 2023 vs 5% in 2022 and 9.9% in 2021, giving consumers potential relief after 2 years of sharp hikes

Food price inflation is slowing due in part to waning impacts from the Russia-Ukraine war on global food supplies and costs

Beef and pork prices are projected to rise only moderately or even decline this year amid ample supplies

Consumers worry more about grocery bills than other rising costs because they shop frequently and see the impact directly

To manage higher prices, half of shoppers are hunting deals, 41% buying store brands, 32% buying less overall, and some switching to cheaper products