Employment costs for U.S. businesses rose slightly less than anticipated in the fourth quarter of 2022 as federal officials continue to watch such indicators for possible breaks in inflation.
Inflation is generally down from 2021, but is still high in too many places, and is expected to persist in 2023. With inflation eroding value for this long, a Government contractor.
Food Industry Executive
May 10, 2021
Food prices in all categories increased last year due to various challenges associated with COVID-19. According to BLS data, food prices overall increased 3.9%, which was more than double the increase in 2019. The food at home category also increased 3.9%, representing the largest year-over-year increase since 2011.
Prices will likely continue to increase this year, and several food and beverage companies, including Coca-Cola, General Mills, Kraft Heinz, and Conagra have signaled that they will raise prices in 2021.
In a blog post published last week, Katie Denis, the VP of research and industry narrative at the Consumer Brands Association, outlined three reasons prices for CPG products are increasing.