In updated figures released Wednesday, the U.S. Department of Agriculture (USDA) forecasts the consumer price index for food will increase only 0.5 percent to 1.5 percent, which it said is the lowest annual inflation rate since 1992.
Grocery store (food-at-home) prices should also go up between 0.5 to 1.5 percent, the agency said, while restaurant (food-away-from-home) prices will see a predicted increase of between 1 percent and 2 percent.
Beef prices went down 0.2 percent in July from June but remain 6.7 percent higher than they were in July 2009. Steak prices are 4.2 percent higher than they were a year ago and ground beef is up 8.2 percent. Pork prices rose 1.6 percent in July from June, putting them 6 percent above July 2009 figures. The USDA revised last month's forecasts for pork's 2010 consumer price index; it is now anticipated to increase between 3 and 4 percent. Poultry prices rose 0.6 percent in July from June, leaving them 1 percent over July 2009 levels.