Unless you're vegan you can ring up significant savings this summer as prices decline on these staple foods.
It’s not often we experience a pleasant surprise at the grocery store checkout because the tab is lower than anticipated. But that could change in coming months as prices fall on a handful of staple foods.
According to Money, you could reap some significant savings if these five grocery items are things you normally throw in your cart.
- Beef: After years of drought and shrinking cattle herds forced retail beef prices through the roof in 2014, prices have finally dropped. A pound of ground beef dropped by 10 percent from April 2015 to April 2016. Beef prices are expected to remain low this summer.
- Milk: Milk prices hit record highs in the United States in 2014. But consumers were able to lap up some milk savings last year — a trend that is expected to continue this summer. According to Money, the price of a gallon of milk has already dropped 7 percent since last year. It’s possible an oversupply of milk, which we already have to thank for some price reductions, will drive prices even lower this summer.
- Cheese: As with milk, America also has a glut of cheese. The Wall Street Journal reports that a strong U.S. dollar has curbed cheese exports, so declining prices — like the 4.3 percent drop in retail cheese prices from last year until now — will likely continue. It’s great news for cheese lovers. “The glut of cheese and other products marks a dramatic turnaround for the animal agricultural sector, which just a few years ago was battling drought and disease that pinched supplies and sent prices at grocery stores to record highs,” the Journal explains.
- Eggs: I’m sure you recall when egg prices soared last year, the result of the bird flu outbreak. After reaching record high egg prices last summer, the chicken supply rebounded and prices fell 75 percent. Cheaper egg prices are expected to remain through the summer.
- Pork: After a virus (porcine epidemic diarrhea virus) killed off up to 10 percent of the U.S. pig herd, pork prices soared in 2014. But Money says pork has fallen again by 3 to 5 percent, depending on the type and cut of pork.
How closely do you monitor your grocery bill? What do you think of the expected food savings this summer? Share your comments below or on our Facebook page.