A new year has dawned, but the sun seems to be slowly setting on inflation.
The U.S. Department of Agriculture has forecast grocery prices overall to fall by 0.6% in 2024. The agency uses recent and historical price data to reach its conclusions.
Costs also have started to come down on other products nationwide, bringing relief to millions of people. However, the price of some items remains high. And despite the trend of falling prices, a few groceries might become more expensive as 2024 unfolds.
While some grocery items are predicted to fall sharply in price — the cost of eggs is expected to slip 12.1%, for example — price hikes might be in store for others.
Here are the types of groceries that may see the biggest price hikes this year, according to government data.
5. Nonalcoholic beverages
Consumer price forecast for this grocery category: 2.8% increase
This category includes: Carbonated drinks, frozen noncarbonated juices and drinks, and nonfrozen noncarbonated juices and drinks
Staying hydrated might cost you a bit more this year. Of course, you could always opt for water from the tap instead, which is about as close to free as you can get when it comes to beverages.
If you want to cut the cost of H2O even further, make sure to avoid the “14 Mistakes That Are Running Up Your Water Bill.”
4. Other meats
Consumer price forecast for this grocery category: 2.9% increase
This category includes: Frankfurters and lunchmeat
Once spring arrives, thoughts might turn to enjoying a hot dog at a ballgame. But it’s possible you will have to dig deeper to pay for that guilty pleasure in 2024.
Of course, you probably would be better off avoiding both frankfurters and lunchmeat. As we have reported, processed meats might pose serious dangers to your health.
3. Fats and oils
Consumer price forecast for this grocery category: 3% increase
This category includes: Butter, margarine, salad dressing and peanut butter
Anybody who loves to cook will feel the heat if fats and oils grow more expensive.
But even if costs climb, a higher sticker price on one type of oil might be a small price to pay if you worry about dementia. For more, read “This Type of Cooking Oil May Help Protect Your Memory.”
2. Beef and veal
Consumer price forecast for this grocery category: 4.8% increase
This category includes: Uncooked beef (including ground beef, beef roasts and beef steaks) and uncooked veal
Throughout the COVID-19 pandemic, we all became accustomed to seeing the price of meat skyrocket. And the trend of rising prices looks likely to continue in 2024.
One way to cut such costs is to eat less meat altogether. Learn how to do so in “8 Easy Ways to Cut Back on Meat.”
1. Sugar and sweets
Consumer price forecast for this grocery category: 4.9% increase
This category includes: Sugar, sugar substitutes, candy and chewing gum
Here is some sour news for all of you with a sweet tooth: The price of sugar and sweets is expected to rise the most of any grocery category.
Some might say sweets are expendable, but paying a little more for our favorite chocolate bar — or even a bag of sugar — is sure to offend the inner child in all of us.
If you cannot get enough of the sweet stuff, check out the “The Candy Capitals of the U.S.“