Inflation is easing, but the prices of these food items are likely to soar in 2023

Shortages have driven up the prices of eggs, butter and vegetable oil.

General inflation is easing, but the prices of some food items are not going down anytime soon. And it’s not up to the Fed on this one.

It seemed to be working to some extent: The inflation rate improved in November, falling to 7.1% year-over-year from 8.9% in June, according to government data. Still, food inflation hovered at 12%. But it will not be a significant drop given the ongoing flu and high cost of feed. If input costs continue to increase and the bird flu continues to kill large quantities of hens, the costs will most likely be passed on to consumers, said Curt Covington, senior director of partner relations at AgAmerica Lending, a financial services company providing agriculture loans.

Going forward into 2023, the price of butter could soften, but year-over-year price increases could still stay high, said Tanner Ehmke, lead economist of dairy and specialty crops at CoBank.

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