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Wheat Product Inflation Outpaced Food Price Inflation in 2022

Consumer prices for wheat-based products were up substantially in 2022 compared to 2021, as indicated by the Consumer Price Index.

USDA’s Economic Research Service reports that the prices of various wheat products were up more than ten percent from 2021. The increase outpaced the inflation rate in the broader “all food” category, which was up 9.9 percent, more than double the average increase of the previous decade. The average price level across the cereals and bakery products category was up 13 percent in 2022, well above the previous year’s increase of 2.3 percent and more than three times as large as any year in the past decade.

Flour prices and prepared flour mixes were nearly 19 percent higher in 2022, far exceeding the average from the previous decade. Commodity prices for wheat were elevated in 2021 and 2022, but the increase in prices for wheat-based consumer products did not fully appear until 2022.

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