According to the U.S. Bureau of Labor Statistics, prices for food and beverages are 17.24% higher in 2022 versus 2018 (a $172.43 difference in value).
Between 2018 and 2022: Food and beverages experienced an average inflation rate of 4.06% per year. This rate of change indicates significant inflation. In other words, food and beverages costing $1,000 in the year 2018 would cost $1,172.43 in 2022 for an equivalent purchase. Compared to the overall inflation rate of 3.62% during this same period, inflation for food and beverages was higher.
In the year 2018: Pricing changed by 1.40%, which is below the average yearly change for food and beverages during the 2018-2022 time period. Compared to inflation for all items in 2018 (2.44%), inflation for food and beverages was lower.
Below are calculations of equivalent buying power for Food and beverages, over time, for $1,000 beginning in 2018. Each of the amounts below is equivalent in terms of what it could buy at the time:
|Year||USD Value||Inflation Rate|
Raw Consumer Price Index data from U.S. Bureau of Labor Statistics for Food and beverages: