Grocery Prices 2024: What Items Are Expected To Be Cheaper or More Expensive This Year
Written by
Brooke Barley
Edited by
Molly Sullivan
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Consumers definitely felt the heat from inflation when they visited their grocery stores in 2023. Some items like Frozen non-carbonated juices and drinks went up 18.6% between 2022 and 2023. Now, the inflation rate is at 3.35%, which is much lower than it was a year ago at 6.41%.
The U.S. Department of Agriculture predicts grocery prices to fall by 0.6% overall in 2024. What does that mean for specific items on your list?
GOBankingRates did some research in addition to asking consumer experts to get their take on what items will cost you less at the grocery store in 2024. Of course, it’s not all good news. There are also a few items that might cost you even more than they did before. Read on to get the scoop on grocery prices in 2024.
What’s Getting More Expensive
Here’s a look at where you can expect higher prices.
Beef
In 2023, beef prices went up 8.7%. Unfortunately, they might go up even more this year.
Shane Finnegan is the vice president of partnerships at a grocery shopping service called Jow. Finnegan said beef prices are on the rise once again.
“I think we will see an increase in the price of beef at retail, even after seeing some record highs this past year. Ranchers have been battling a historic drought and, as a result, the national cattle herd has been cut to a 61-year low.”
Fats, Oils & Sugars
Sugar and sugar substitutes rose 6.8% last year. Because of global demands leading to the rising price of biodiesel and ethanol, Finnegan said that sugars, along with fats and oils, will continue to rise in price in 2024.
“Biodiesel is manufactured with fats and oils, and ethanol with sugar (amongst other things). The increase in manufacturing of these fuels means there is less stock to go around, and I expect the price on the shelf to reflect that.”
Citrus Fruits
Because of environmental factors like wet weather and a bacterial disease that’s affecting citrus crops, you’re going to see higher prices for fruits like oranges, lemons and limes.
“Citrus crops tend to struggle with the wet cooler weather so you may be paying more for your orange juice and margaritas in 2024!” Finnegan said.
This also affects the price of frozen concentrate citrus beverages as well.
What’s Getting Cheaper
Here’s a look at items that might have price drops.
Eggs
Finally, shoppers can look forward to a decline in egg prices. Eggs went up a whopping 70.1% in 2023. Finnegan said those days are behind us.
“Eggs, which saw historic price increases in late 2022 and 2023, can be expected to return closer to the norm with forecasters predicting a moderate growth in chicken production this year.”
How low will egg prices get? Experts say eggs are expected to drop by 14.7%. You can rest easy knowing you won’t have to break the bank to make breakfast.
Vegetables
Fruits and vegetable prices are largely dependent on weather conditions during harvest. Finnegan said that, because of the weather, there is some good news for prices at the grocery store.
“With California experiencing El Niño this year, historically leafy greens like lettuces and kale grow well, so we should expect a stronger than usual yield helping prices at the market.”
Lettuce is down 10.2% from November 2022 to November 2023.
Another reason why vegetables are going down in price is because of the decline in supply chain issues.
“The supply chain for simple crops, such as apples and lettuce, is becoming more regular and the prices should be reflective of this at checkout,” said Samantha Landau, a consumer expert at TopCashback.
One thing to note: This price drop does not apply to processed vegetables. Those are predicted to go up by 4.7%, giving you a reason to always buy fresh.
Potatoes
Potatoes are deceptive when it comes to price. Though many consumers consider them an affordable staple to add to any meal, they actually have an annual price hike rate of 19.9%.
In 2023, they rose 18.3% in price from the year prior. Although that’s no small feat, it is lower than average. CNN reports that potatoes have fallen 2.8% in price since November and are continuing to come down.
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