Grocery prices may fall next year — and it could not come soon enough for inflation-weary consumers
That’s just the most optimistic scenario. According to the USDA’s range of estimates released last month, the price of food at home could fall almost 7% or rise up to 9% in 2024.
The USDA’s midrange estimate and perhaps most likely scenario for 2024: The cost of groceries will rise about 1%. That’s less than half the average rate of food inflation over the past 20 years and a far cry from the levels seen in recent years. Rorvig, who is currently staying at a homeless shelter, said she feels for farmers who may be struggling. But if food prices fall, “that’s good for everybody,” she said.
“We feel good about what we see right now with our pricing and the inflationary environment that we see,” General Mills CEO Jeff Harmening said in June. “The signal of frugality has done some of this work letting retailers and food manufactures know there are limits to how high prices can go,” said Justin Cook, U.S. consumer products research leader at Deloitte. “If you’re a consumer I see hopeful signs that prices will abate, but time will tell.”
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