Grocery Prices Are Set to Shift Again in 2024—Here’s What to Expect

[libertybele]

Does this surprise anyone? Ridiculous food prices are here to stay.........

Grocery Prices Are Set to Shift Again in 2024—Here’s What to Expect

 If you’re sick of being blindsided by inflated price tags at the grocery store, you’re not alone—volatile prices and frequent shortages made 2023 a tough year for food shoppers. Though pandemic-era inflation eased slowly this year, certain products still spiked in price, leaving families to improvise their weekly shops. Plus, global conflicts and extreme weather events made certain foods more expensive or increasingly sparse throughout the year.

As the new year approaches, it’s best to be prepared for whatever prices come your way. We all want to save money where we can, after all! We spoke with an agricultural economist to see what 2024 might bring for your favorite foods. Here’s everything you need to know about 2024 grocery prices, and how to best prepare for what the new year has in store.

 So many factors go into determining the prices you see in the grocery aisle, and they can be quite difficult to predict. But there are some indicators that experts look to when calculating how much you might spend on everyday essentials down the line. Dr. David P. Anderson, a professor of agricultural economics at Texas A&M University, says that every cost, from production to consumption, impacts prices—think transportation, labor, energy costs, interest rates, and more.

The overall economy impacts food costs as well. Inflation peaked in the United States in June 2022, reaching the highest level in 40 years, and since then, numbers have dropped (slowly, but surely). Despite inflation moderating, many prices are still higher than usual, and spending power isn’t quite back on track. Anderson says that inflation is a “large part” of heightened food prices, making an impact that’s worsened by high interest rates and extreme weather events like droughts.

“The impact of higher interest rates, the overall economy, and the federal reserve’s attempts to reduce inflation will be important for what we see in overall food prices,” says Anderson. “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.” ................

https://www.bhg.com/more-expensive-less-expensive-groceries-2024-8415274

[catfish1957]

The harsh sad truth about inflation, including if it is only a spurt, is that level of buying power is gone forever. 

I have been buying groceries 50 years, and can not give even one example when prices trended down with any substance.

[mountaineer]

When an item that cost $1 in 2020 goes up above $3 in 2022, the fact that the price is now "down to" $2.75 is not exactly reason to celebrate. That's pretty much what's happening.

 Oooh, oooh, oooh, inflation is cooling!
Oh, please.

[DefiantMassRINO]

Meat prices won't drop because animal feed competes with bio-fuels for corn and soybeans.

Transportation costs, heating costs, and electricity costs may not decline because Biden's Global Climate Change policies are causing underinvestment in more efficient and more affordable American oil, natural gas, and coal.

Plus, electric utlity customers will be compelled to subsidize more expensive and less efficient wind and solar.  Also, electric utility customers will be compelled to pay for the build out of battery storage systems to normalize the irregular generation output of wind and solar.

... and there's no guarantee that any of thise will effect Global Climate Change.  Plus, India and China will use fossil fuels to maintain and expand their competitive cost advanatges over Western companies

Could the current "warming" be the result of 50 years of reducing air pollution - removing particulates and gases that block sunlight?

[catfish1957]

Could the current "warming" be the result of 50 years of reducing air pollution - removing particulates and gases that block sunlight?

Another well kept secret by the enviro-whackos is the fact that reporting NWS stations that were built in the burbs and rural areas in the 1940's and 1950's are now in urban areas, through expansion creep.    Heat island effects of these locales are not beng taken account, and are skewing the data.

[libertybele]

The harsh sad truth about inflation, including if it is only a spurt, is that level of buying power is gone forever. 

I have been buying groceries 50 years, and can not give even one example when prices trended down with any substance.

It's not only grocery prices that are here to stay, but higher utilities, taxes and insurance. Along with others, it has taken a major chunk out of our retirement planning.  I doubt that the financial gurus saw or anticipated such a huge jump in inflation in such a short period of time.

How are young couples making it? There are only so many hours in the day to work overtime. Those who were fortunate enough to buy a home a couple of years ago when mortgage rates were down should be very thankful.

Then the equation of AI intelligence enters the picture ... how many will still have jobs??

Let's Go Brandon!!