U.S. retail food prices are less volatile than farm prices

Line chart showing changes in all-food Consumer Price Index, intermediate foods and feeds Producer Price Index, and field crop prices.

Corn, wheat, and soybeans are the top three U.S. field crops and comprise the majority of field crop inputs to the U.S. food supply. The average farm price of these crops, weighted by total production, regularly rises or falls by more than 10 percent from one year to the next. However, these price swings have relatively small impacts on food prices. In 2022, the production-weighted price of these crops increased by 83 percent, while food prices increased by 10 percent. Intermediate foods and feeds price fluctuations generally range between swings in field crop and food prices.

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