Will grocery prices drop in the new year?
Which foods will be more expensive, and which will be more affordable?
Heres what experts are predicting.
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Plus, global conflicts and extreme weather events made certain foods more expensive or increasingly sparse throughout the year.
As the new year approaches, its best to be prepared for whatever prices come your way.
We all want to save money where we can, after all!
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We spoke with an agricultural economist to see what 2024 might bring for your favorite foods.
What Causes Grocery Prices to Change?
The overall economy impacts food costs as well.
Despite inflation moderating, many prices are still higher than usual, and spending powerisnt quite back on track.
Already we see inflation moderating in many areas.
Consumer demand will play a large role in prices.
If consumers cut back their purchases, then that leads to lower prices.
Which Grocery Store Products Will Be More Expensive in 2024?
In January, at-home food prices were 11.3 percent higher than they were at the same time in 2022.
In 2024, prices are still set to increase, but thankfully at a slower rate.
I expect well produce less beef and pork in 2024 than in 2023, he says.
In fact, weve already seen prices increase in the last few months of 2023.
This year has been a bad one for dairy farmers because of low farm prices for milk.
Prices this low usually result in higher prices later.
Theres no need to fret if these price jumps look a bit frightening.
On the egg and turkey front, a lot will hinge on what happens with HPAI.
But fresh fruits and vegetables always hinge on the weather, says Anderson, making them especially unpredictable.
When events like floods and droughts impact growing seasons, food prices can fluctuate dramatically.
There is some room for lower prices for many products, with the weather playing an important role.
But there are ways to lessen the burden of higher prices.
That means that over time, lower prices win once again.
Normally, shortages drive up prices, says Anderson.
It is also a market signal to produce more in the future because prices are high.
That also works to bring down prices.
But rushing to the stores once a shortage has hit isnt always the best answer, he says.
It also helps to be flexible in our diets and planning.
If oranges are really expensive, try something new.
I think it always helps to be an informed person, he says.
Read a lot of credible sources.
