Global Inflation Rates 2020–September 2024 (Sources: U.S. Bureau of Labor Statistics, Eurostat, Canadian Consumer Price Index, Rateinflation.com) 2020 2021 2022 2023 2024*
Euro Area
0.3 0.7 0.9 0.8 3.4 1.2
2.6 3.4 2.6 2.9 5.7 4.7
8.4 6.8 9.1 6.6 7.9 8.0
5.4 3.9 7.3 5.6 5.5 4.1
1.7 1.6 1.7 2.8 4.6 2.4
Canada
U.K.
Australia
Mexico
U.S.
*Inflation rate for 12 months ended September 2024
Food Prices Similar to overall inflation, food prices also increased significantly around the world. The table below shows five-year food inflation over the period March 2019 through February 2024 for the United States, Canada, the Euro Area, and the United Kingdom. The food price index increase was 27.2% for the United States, compared to 25.7% for Canada, 28.8% for the Euro Area, and 30.8% for the United Kingdom. Once again although there are regional and climate differences, global factors affected the general trends in food prices similarly between countries.
Five Year Food Inflation March 2019–February 2024 (Sources: Bureau of Labor Statistics (U.S.), Office for National Statistics (U.K.), Eurostat (Euro Area),Statistics Canada (Canada), YCharts) Food Price Index March 2019 Food Price Index Feb. 2024
% Increase
United States
257.59 149.00 106.38 103.10
327.88 187.40 137.02 134.90
27.2 25.7 28.8 30.8
Canada
Euro Area
United Kingdom
The rate of food inflation, which includes food at home and food away from home, has declined significantly in the U.S. since peaking in August 2022. The chart below shows the annualized rate of food inflation (including food at home and food away from home) from October 2021 to October 2024. In the past year, the annualized rate for food inflation declined from 3.3% in October 2023 to 2.1% in October 2024. In 2024, food inflation has generally stabilized, particularly for food at home, but food prices have not declined. For food at home, the annualized rate of inflation was 1.1% in October 2024. Food away from home has gone up over three times as much as food at home, increasing 3.8% over the past 12 months.
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Center for Business and Economic Insight
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