The bad news is US food prices are not decreasing, the good news is that they are increasing at a slower rate than before. From mid-2021 through the end of 2022, producer prices in food manufacturing increased at a rate of more than 10% per year in the US. Initially, US consumers did not notice this at the cash register, but then increased prices for food at home accelerated to a rate of 14% per year in August 2022. Prices for food away from home increased at a lower rate, but also reached a rate of 9% per year. Luckily, from mid-2023 food manufacturing prices stopped rising and have been about flat since. This partly filters through to consumer prices with food at home prices increasing only 1% and food away from home prices increasing 4% in March.
Source: US Bureau of Labor Statistics, April 2024.