Food inflation up 11% this year… what’s in store for 2023?

Economist & BG restaurant weigh in

BOWLING GREEN, Ky. – Federal reports show us that food prices typically increase 2 percent each year. But over the last year, we’ve seen inflation spike food prices by around 11 percent, according to the Bureau of Labor Statistics. 

WKU Center of Applied Economics Director and Associate Professor of Economics says Dr. Sebastian Leguizamon, “The figures we saw in 2022 weren’t seen in 40 years.”

Americans saw egg prices soar just shy of 40 percent, flour jump 23 percent and milk and bread roughly 17 percent.

“For many people, this is unprecedented, including myself,” said Leguizamon.

But with a new calendar year days ahead, what’s in store for 2023?

Leguizamon says between variables like supply chain struggles, energy crisis, war in Ukraine, Avian Flu, Leg says predictability isn’t attainable.

“What I do think is that we are still going to see some price increases in the future… I don’t know if it’s going to be three percent or four percent. It may well be seven percent. You never know.. But my gut feeling, according to what we have seen and what we continue to see is that the prices are still going to go up a little bit.”

SOKY’s local restaurant owners are also crossing their fingers for change.

With wholesale costs everchanging Bowling Green’s beloved Anna’s Greek Restaurant has had to continually adjust their menu prices.

“Definitely [prices were] going up. Our chicken one from 99 cents to almost $2.99…Potatoes, definitely zucchini, squash. Tomatoes last week were just $50 a case. It’s crazy.”

In fact, the restaurant was printing new menu prices so often that owner Vilson Qehjah recently switched their menus from print to virtual.

“Something that normally $18 to $22 average up and down, but $50? That’s something unheard of,” said Qehjah. “My wish for the next year is that we do the best we can every single day… and then move forward one step at a time.”