Food prices have shot up. When will they drop?

Food prices have shot up in the United States in 2024. Egg prices rose by 26%, per NerdWallet, and orange juice concentrate jumped by 42%, per Carbon Brief. Fast-food prices are also soaring, per Business Insider.

In this situation, consumers are left searching for deals to save their budget, while restaurants are looking for ways to bring customers back.

McDonald’s is one dining-out option 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 U.S. Department of Agriculture, grocery and dining-out prices may not drop anytime soon, but the rate of food price increases is expected to slow down.

Nevertheless, in 2024, food prices are expected to rise by about 2.2%, per the U.S. Department of Agriculture. Grocery, or “food-at-home” prices, should rise by about 1.2%, while dining-out, or “food-away-from-home,” prices should rise by about 4.2%.

The COVID-19 pandemic and other disease outbreaks affecting animals impacted the supply chain and led to price surges from 2020 to 2022. In 2023, while prices still rose, the rate of acceleration slowed. 2024 will continue this trend, experts say.

“So, the answer (if prices will ever fall) is maybe,” said Rae Caloura, an associate professor of marketing at Providence College in Rhode Island, to WJAR. “Consumers are unfortunately getting accustomed to paying these higher prices and as long as that continues to happen, the 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 we consume will start to either increase the amount that they’re giving us ... or they’ll put better ingredients in there so that there’s more value in there.”

Government analysts agree that prices are unlikely to fall, according to the U.S. Department of Agriculture.

How to find food for cheap

Though prices are soaring, restaurants are taking notice and trying to offer good deals.

McDonald’s just launched a $5 meal deal in response to backlash over menu prices, per USA Today. The deal includes a McChicken or McDouble and a four-piece chicken McNugget alongside 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’re focused on on living up to that legacy and offering delicious, affordable options customers can enjoy.”

McDonald’s is not the only seller trying to lure customers back in with deals. Wendy’s and Burger King have incorporated deals offering free food when you download their apps, per Rebate Key. Apps like these also notify you when deals are available.

For those in need, churches and food banks offer food resources. Search up local institutions near you. FoodFinder is also a handy app that can help you find food assistance programs in your area.