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Consumers predict food inflation to get lower

An ag economist at Purdue University says consumer estimates for food price inflation declined in the latest Consumer Food Insights Report.

Joseph Balagtas with Purdue’s Center for Food Demand Analysis and Sustainability says this is the lowest level since early 2022.

“From July 2024, food prices were rising at 2.2% per year compared to a year ago,” he says. “Grocery price inflation is half that 1.1%.”

He tells Brownfield the report indicates consumers perceptions are different than official numbers.

“Consumer perceptions of inflation have been higher than the official measures,” he says. “What do you think food inflation is going to be over the coming year? Consumers have been telling us, well, we think price inflation is going to slow.”

The August report will be released next week.

The Center for Food Demand Analysis and Sustainability is part of Purdue University’s Next Moves in Agriculture and Food Systems to use data analysis to improve the food system.

AUDIO: Joseph Balagtas, Purdue University