Food inflation eased in 2024, but Trump’s tariffs loom

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Consumers saw a reprieve from fast-rising food prices in 2024, according to a U.S. Department of Agriculture analysis. 

Last year, prices for all food increased by 2.3% — a stark contrast to the 5.8% jump in 2023, which far outpaced the historical average over the past two decades.

However, not all grocery staples followed the trend. 

Egg prices have skyrocketed as bird flu outbreaks destroy flocks en masse, and the U.S. Department of Justice is investigating whether price-fixing among egg companies is to blame. Beef prices also increased in 2024. For years, rising meat prices have outstripped inflation.

In the leadup to the November election, Donald Trump consistently blamed Democrats for high food prices, vowing at rallies to “defeat inflation,” according to the Associated Press.

But Trump has also pushed for tariffs on longtime key trading partners, such as Canada and Mexico. 

The tariffs could cause beef prices to further increase, experts told Reuters. The U.S. also now imports most of its fruits and a large portion of its vegetables. In 2023, Mexico accounted for 51% of U.S. fresh fruit imports and 69% of fresh vegetable imports. 

Since Trump’s election victory, overall inflation — not just for food, but for all consumer items, such as gas — has increased, according to the AP. While inflation eased some in February, promised tariffs set to be implemented in April are expected to push prices higher, according to USA TODAY.