Over the last few years, the narrative has been vastly one-sided, with increases outweighing price drops.
The silver lining is that the grocery sector is showing signs of improvement.
But that doesn’t mean you’ll be reverting to your 2019 food budget soon.
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“Consumers just have to associate a new price point with everything they buy in the supermarket.
We’ve come to a new plateau, relatively speaking.
We stepped up from over pre-COVID where we are today and we aren’t going to shoot up anymore.
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But, we’re not gonna drop that much either.”
Consumers are seeing some relief in the dairy aisle, as well.
The problem hit its peak in January 2023, when egg prices reached$4.82 per dozen.
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Costs have since fallen back to around $3 in March.
But consumers should avoid counting their cheaper eggs before they hatch.
The reason for the latest round of price hikes is more of the same.
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New bird flu outbreaks were reported at the end of 2023, affecting California, Texas, and Michigan.
As a result, experts expect egg prices to continue to inch up in 2024.
“It just takes years to really make a big difference.
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And we’ve just really started that process.”
Fresh fish and seafood have seen decreases in cost over the past year.
Frozen Juice
The rising cost of citrus fruits was a major storyline in 2023.
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Specifically, orange supplies suffered last year due to citrus greening, a bacterial infection.
Oranges, tangerines, and grapefruit are all poised for aslightly better growing season.
However, one niche category continues to show massive increases.
Alternatives likespinach and kale are ripe for the picking this time of year.
CNNreported that retail chocolate prices rose 11.6% in 2023, with no signs of letting up in 2024.
“The cocoa from West Africa has spiked to real bubble levels,” Swanson says.
Hotter temperatures and other climate change-induced weather patterns across the entire region are largely to blame.
We think chocolate’s losing a bit of share, so consumers are certainly reacting to higher prices."
