(Photo : Canva) The USDA projects that the cost of groceries will increase by 1.6% overall in 2024.
Remember that blissful moment you thought your grocery bill couldn't get any worse? No? Me neither. And as it turns out, the U.S. is getting ready for yet another year of food price hikes. But hey, chin up buttercup - they say we won't be paying $8 a carton for eggs again, so there's that.
What to Expect for Food Prices in 2024
Just for funsies, let's break this down. Eight grocery categories saw price increases between January and February, with only six getting a break and one staying the same. Throughout the upcoming year, the USDA predicts an irritating increase of 2.5% on all food, with groceries (food at-home) faring slightly "better" at 1.6% (though they were already up 1% year-over-year in February).
This year, the biggest hike is expected to be for sugar and sweets. Brace yourselves for a 5.8% jump in that category, followed by eggs at 4.7%. You'll be paying an extra 2.7% for beef and veal. Maybe it's time for me to go vegan - are there price hikes on tofu? Increases are also projected for fats and oils at 4.7%, cereal and bakery at 1.3%, and poultry (at a paltry) 0.5%.
(Photo : Canva) Prices on seafood and fish are expected to decline by nearly 2%.Fish and Seafood Prices Expected to Fall This Year
If you're feeling faint and asking, 'What's with all the bad news, lady?' I offer you a tiny, tartar sauce-smothered glimmer of hope. Fish and seafood prices are expected to continue sinking by 1.7% this year. It feels like it's time to perfect my ceviche recipe (maybe I'll become a pescatarian instead) and hit my local fish market (yes, we have those in Arizona) while the gettin's good. Happy budgeting!
