diff --git a/docs/_ug/commands/StatisticsCommands.md b/docs/_ug/commands/StatisticsCommands.md
index 154dc55e101..2fd0c760615 100644
--- a/docs/_ug/commands/StatisticsCommands.md
+++ b/docs/_ug/commands/StatisticsCommands.md
@@ -1,17 +1,17 @@
 <!-- markdownlint-disable-file first-line-h1 -->
 #### Display statistics: `stats`
 
-<!-- TODO: Update after Richard's PR on statistics -->
-
 **Format**: `stats`
 
 > Displays relevant statistics collected by FoodRem.
 
 ```note
 These statistics include:
-* Items that expire within the next 10 days
 * Total cost of wasted items
-* Most expensive item in your inventory
+* Top 3 most commonly used tags in your inventory
+* Top 3 most costly items in your inventory
+
+The cost of an item is the price of the item multiplied by the number of those items in your inventory.
 ```
 
 **Example Input:**
@@ -25,15 +25,16 @@ stats
 Command Output Box:
 
 ```text
-Items that expire within the next 10 days:
-1. Onions 8 kg $1 (Bought Date: 10-10-2022) (Expiry Date: 10-11-2022)
-2. Chicken 30 kg $4.20 (Bought Date: 10-10-2022) (Expiry Date: 15-10-2022)
-3. Carrots 11 kg $0.60 (Bought Date: 10-10-2022) (Expiry Date: 26-10-2022)
-
+Statistics
 Total cost of wasted items:
 $120
 
-Most expensive item in your inventory:
-Chicken 30 kg $4.20 (Bought Date: 10-10-2022) (Expiry Date: 15-10-2022)
+Top 3 common tags:
+Drinks Fridge Fruits
+
+Your top 3 items with highest value are as follows:
 
+1. Onions 8 kg $1 (Bought Date: 10-10-2022) (Expiry Date: 10-11-2022)
+2. Chicken 30 kg $4.20 (Bought Date: 10-10-2022) (Expiry Date: 15-10-2022)
+3. Carrots 11 kg $0.60 (Bought Date: 10-10-2022) (Expiry Date: 26-10-2022)
 ```
diff --git a/src/main/java/seedu/foodrem/model/item/ItemPrice.java b/src/main/java/seedu/foodrem/model/item/ItemPrice.java
index f88d73b223f..e71f5b7a26a 100644
--- a/src/main/java/seedu/foodrem/model/item/ItemPrice.java
+++ b/src/main/java/seedu/foodrem/model/item/ItemPrice.java
@@ -11,7 +11,7 @@
  * Guarantees: details are present and not null, field values are validated, immutable.
  */
 public class ItemPrice {
-    private static final DecimalFormat DECIMAL_FORMAT = new DecimalFormat("#.00");
+    private static final DecimalFormat DECIMAL_FORMAT = new DecimalFormat("0.00");
     private static final double DEFAULT_PRICE = 0;
 
     private final double itemPrice;
diff --git a/src/main/java/seedu/foodrem/views/ItemView.java b/src/main/java/seedu/foodrem/views/ItemView.java
index 412bb8b459c..a9684c30d25 100644
--- a/src/main/java/seedu/foodrem/views/ItemView.java
+++ b/src/main/java/seedu/foodrem/views/ItemView.java
@@ -48,7 +48,7 @@ public static Node from(Item item) {
         final Label priceValue = new Label(item.getPrice().toString());
         priceValue.getStyleClass().add("bold");
         final Label costLabel = new Label("Total Cost: $");
-        final Label costValue = new Label(String.valueOf(item.getItemCost()));
+        final Label costValue = new Label(String.format("%.2f", item.getItemCost()));
         costValue.getStyleClass().add("bold");
 
         final Label remarks = new Label(item.getRemarks().toString().isBlank() ? "-" : item.getRemarks().toString());