Market Outlook

See the latest Livestock, Dairy, and Poultry Outlook report.

Summary

Pork/Hogs: The information in the December Quarterly Hogs and Pigs report broadly implies that 2023 pork production is likely to increase 1.8 percent over production in 2022. Hog prices are expected to average about $68 per cwt, down almost 5 percent compared to prices last year. Pork export projections for 2023 are increased 70 million pounds to 6.35 billion pounds, 0.3 percent higher than last year, on lower 2023 U.S. pork prices and moderating increases of the exchange rate value of the U.S. dollar.

Inflation for all items, food, and selected animal products

The U.S. Department of Labor’s Bureau of Labor Statistics released consumer price indexes, CPI, for 2022 on January 12, 2023. The chart uses annual average CPI to calculate inflation rates and compares the inflation rates in 2021 and 2022 for all products, food, beef, pork, poultry, eggs, and dairy products.

The CPI for beef and veal is the only item in the chart with a lower inflation in 2022 than in 2021. Beef and veal inflation was 9.3 percent in 2021 and 5.3 percent in 2022. All-items inflation was 4.7 percent in 2021 and 8.0 percent in 2022. Pork prices increased by 8.7 percent in 2022. The 2022 CPI for food increased by 9.9 percent. 2022 inflation for dairy, poultry, and eggs exceeded that for 2022 food in general. Eggs had the largest inflation rate, 32.2 percent.

Download chart data in Excel format.