Food prices are set to rise in the United States in 2024. Egg prices rose 26%, per NerdWallet, and orange juice concentrate rose 42%, per Carbon Brief. Fast food prices are also on the rise, according to Business Insider.
In this situation, consumers are left looking for offers to save their budget, while restaurants look for ways to bring back customers.
McDonald’s is one of the dining options that just launched a popular $5 meal deal in response to growing demand for cheaper meals, as the Deseret News previously reported.
Will food prices ever go down?
According to the US Department of Agriculture, food and feed prices may not decrease anytime soon, but the rate of increase in food prices is expected to slow.
However, in 2024, food prices are expected to increase by about 2.2%, according to the US Department of Agriculture. Food or “food at home” prices should increase by about 1.2%, while eating out, or “food away from home”, should increase by about 4.2%.
The COVID-19 pandemic and other animal disease outbreaks affected the supply chain and led to price increases from 2020 to 2022. In 2023, while prices were still rising, the rate of acceleration slowed. 2024 will continue with this trend, experts say.
“So the answer (if prices will ever fall) is maybe,” Rae Caloura, an associate professor of marketing at Providence College in Rhode Island, told WJAR. “Consumers are unfortunately getting used to paying these higher prices, and as long as this continues to happen, consumer packaged goods companies … will continue to keep their prices high.”
Caloura continued, “What we can hope for is that the brands that we love and consume will start to either increase the amount that they’re giving us … or put better ingredients in there so that there is.” € has more value there.â€
Government analysts agree that prices are unlikely to fall, according to the US Department of Agriculture.
How to find cheap food
Although prices are rising, restaurants are taking note and trying to offer good deals.
McDonald’s just launched a $5 meal deal in response to backlash over menu prices, according to USA Today. The deal includes a McChicken or McDouble and a four-piece Chicken McNugget along with fries and a drink.
“We heard our fans loud and clear. … Value has always been a part of our DNA, – said Joe Erlinger, president of McDonald’s USA. “We are focused on living up to that legacy and providing delicious and affordable options that customers can enjoy.”
McDonald’s isn’t the only retailer trying to lure customers back with deals. Wendy’s and Burger King have included deals that offer free food when you download their apps, via Rebate Key. Apps like these also notify you when offers are available.
For those in need, churches and food banks provide food resources. Search for local institutions near you. FoodFinder is also a useful app that can help you find food assistance programs in your area.
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Image Source : www.deseret.com