2024 Food Price Outlook: Grocery prices could be going down (2024)

FAQs

2024 Food Price Outlook: Grocery prices could be going down? ›

Food prices are expected to continue to decelerate in 2024 compared to recent years. In 2024, all food prices are predicted to increase 2.2 percent, with a prediction interval of 1.0 to 3.5 percent.

Oxford Economics forecasts a decline in 2024, easing pressure on consumers. Abundant supply, especially in wheat and corn, is driving this shift. Recent months saw abundant harvests of staple crops, driving prices down. Wheat futures dropped around 10% year-to-date, and corn futures about 6%.

But back in February, overall food prices remained flat for the first time since April 2023. And now they've actually gone down, even if only slightly. Still, grocery prices are higher than they were a year ago. In the 12 months through April, prices rose 1.1%.

This decrease is mainly attributed to lower prices for grains, oils, and meals, while other foods are expected to see price gains in 2024. However, 2025 is projected to bring broad-based declines in food prices.

Probably not,” said Ricky Volpe, an ag economist and associate professor at Cal Poly. “The best we can hope for is that food price inflation is going to continue to slow down,” he said.

Additionally, the USDA's Food Price Outlook for 2024 reported that although all food prices are "predicted to increase 2.9 percent, with a prediction interval of 0.5 to 5.3 percent," in general, "food prices are expected to continue to decelerate in 2024." The report added that egg prices are predicted to decrease 2.8 ...

Unfortunately, 2023 could see its own batches of food shortages. Here's what consumers should start stocking up on now before prices soar and products likely become harder to find on store shelves.

We're expecting even more trouble with not having enough food in 2024 because of things like climate change and problems in different areas. Many of the products Britons use could be affected by floods and droughts caused by the climate crisis.

What is the price of meat in 2024? ›

With the USDA all-fresh beef retail price reaching a record $7.89/pound in March, Q1 2024 ended up being the second highest for consumer demand in the last 30 years. March USDA comprehensive beef cutout value averaged $309/hundredweight, while fed steers were $187/cwt.

— Most U.S. consumers surveyed in February 2024 predicted that they would see an increase in food prices over the next 12 months. Sixty-four percent of respondents predict food prices to rise in the next year, and the average predicted increase is 3.7%, according to the February Consumer Food Insights Report.

Global Supply Chain Woes: The COVID-19 pandemic wreaked havoc on supply chains worldwide, causing disruptions that continue to ripple through economies. From factory closures to shipping delays, the global economy is still feeling the aftershocks, leading to shortages and increased costs for goods.

WASHINGTON (AP) — Consumer inflation in the United States cooled slightly last month after three elevated readings, likely offering a tentative sigh of relief for officials at the Federal Reserve as well as President Joe Biden's re-election team.

The U.S. Department of Agriculture has released its forecast for 2024 that shows all food prices are expected to increase 2.5% while food-at-home prices are predicted to go up 1.6%. Between January and February, the Consumer Price Index for food at home rose just 0.1% and was still 1% higher than February 2023.

"Deflation, economists... they would not really look kindly on falling prices, and actually, prices are far unlikely to go back to those pre-pandemic levels," Foster said. So, while inflation has indeed slowed since 2021, we're probably not going back to 2019 prices.