US Food Inflation Accelerates Sharply in April 2026

Food-at-home prices surged 0.7% month-over-month in April 2026, the steepest monthly increase since August 2022, pushing the annual rate to 2.9%—the highest since August 2023. Ground beef hit a record $6.90 per pound, up 18.9% year-over-year and 78% since January 2020. Steak reached $13.02 per pound, up 17.1% annually. The US cattle herd has fallen to multi-decade lows, and the Department of Justice is investigating price manipulation by Tyson Foods, Cargill, JBS USA, and National Beef Packing Company, which control about 85% of the beef processing market. Fresh fruit and vegetable prices spiked 1.8% in April, the third consecutive monthly increase, pushing the annual gain to 6.6%. Coffee rose 1.2% monthly and 29% annually to $9.72 per pound, up 133% since January 2020, despite Arabica futures plunging 35% from their December 2025 peak. Egg prices continued to fall, dropping 4.2% in April and 56% year-over-year to $2.25 per dozen, but remain 54% above January 2020 levels. Dairy prices edged up 0.8% monthly but were flat annually. The overall food-at-home CPI has risen 32% since January 2020.