Stock Up Now — These 8 Pantry Staples Could See a Huge Price Hike in 2024
Written by
Laura Bogart
Edited by
Cory Dudak
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Pantry staples, like pasta, rice and spices, are the goods that we keep in our kitchen at all times. Many people try to stock up on these items, anticipating them to be reliably inexpensive.
However, certain items that often make or break a meal might experience price surges soon. If you want to make sure common ingredients for some of your favorite meals and snacks are on hand, load up your carts now.
Olive Oil
From pasta to fried eggs, salad dressing to marinade for almost any kind of meat, to a core ingredient in some cakes, olive oil is one of the most versatile staples we keep in our homes.
Climate events such as droughts and other severe weather conditions have impacted olive yields in Spain and Italy, leading to reduced harvests that could cause price increases.Â
Chocolate
Unfortunately for chocoholics and those who love to bake, cocoa prices seem poised to go up this year.
Weather conditions in West Africa, which produces roughly 70 percent of the world’s chocolate, could have negative effects on the harvest, causing higher prices for chocolate products.
Rice Â
Rice is the foundation of many meals around the world. Whether we cook it with beans, add it to sushi, prepare it with chorizo and chickpeas, or use it as the foundation for a chicken casserole, having rice on the ready can lead to a very satisfying supper.
A combination of flooding and drought in East Asia, as well as increases in shipping costs, has led to price inflation that makes right now the best time to stock up on as much rice as possible.
Honey Â
Honey is one of the more versatile, valuable condiments, able to sweeten coffee and tea, make yogurt sumptuous or add a finishing touch to cakes. It even soothes a sore throat.
However, the decline in bee populations and increased costs of beekeeping have made the price of honey a little less than sweet, with costs expected to increase.
Flour
Flour is an essential ingredient in many a sweet treat or savory dish, but with wheat prices going up, consumers might feel a price pinch in the coming months. The ongoing war in Ukraine has directly interrupted the wheat harvest, leading to shortages that might increase costs.
Maple Syrup
Our pancakes and waffles might get a little lonely if we don’t pack our cabinets full of maple syrup now.
As climate conditions change around the world, including in Canada, where a lot of the world’s maple syrup supply comes from, we might see a decrease in volumes that lead to stickier prices.
Vanilla
Vanilla extract is any baker’s best friend, but cultivating vanilla has become difficult.
Predominantly grown in Madagascar, the availability of vanilla has been impacted by climate conditions, as well as increases in prices related to pollination.
Peanuts
Whether we make snack packs of trail mix our go-to for on-the-go or prefer our PB&J sandwiches with (or without) their crusts, our love for all things peanuts might be challenged by price hikes caused by drought conditions in key peanut growing areas.
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