Diccon Hyatt, Published Nov.22, 2023 https://www.investopedia.com/something-to-be-thankful-for-falling-food-prices-over-the-long-run-8406186
- Food inflation has hit household budgets hard in recent months, but over the long run, prices tend to fall relative to incomes.
- Grocery prices surged 24% during the pandemic, but only 0.4% over the rest of the year, reverting to the long-term trend.
- Agriculture has become more efficient since the mid-20th century, leading to drops in real prices for food.