4 Everyday Consumer Goods Expected To Get Cheaper in 2024
Written by
Karen Doyle
Edited by
Amber Barkley
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After prices seemed to go nowhere but up for the past couple of years, inflation has started to moderate. Shoppers know that consumer prices tend to “stick on the downside,” meaning that they come down a lot more slowly than they went up. But prices on some household items are starting to decline, and all signs point to a continuation of this happy trend.
How much you’ll see prices decline depends in part on where you shop. For example, in May 2024, retail giant Target announced it is cutting prices on over 5,000 items over the summer. Some of the items Target will lower prices on include milk, meat, bread, coffee, paper towels, pet food and more.
Here’s what you need to know about the everyday consumer goods that are expected to be cheaper in the second half of 2024 than they were in the first.
Eggs
The Bureau of Labor Statistics reported a 7.3% decrease in the egg price index in April. This is a welcome relief for egg lovers, as this is one food product with a price that spiked sharply as inflation took hold.
Meat
Other retailers may be following Target’s lead when it comes to reducing prices on meat. Aldi recently announced it is cutting prices on products like USDA Choice Black Angus Sirloin Steak — down to $6.99 from $8.49 per pound; Family Pack Chicken Breast — down to $2.19 from $2.49 per pound; and Park Street Deli Pulled Pork and Chicken — down to $6.99 from $7.49 per pound. In all, Aldi announced price cuts on 250 “summer essentials.”
Fast Food
Fast food outlets have been hit by a double whammy in terms of rising costs, as their food and labor costs have both risen in tandem. But some chains are getting creative and finding ways to bring prices down. McDonald’s has announced a new $5 meal, which will include a McDouble or McChicken sandwich, plus 4-piece chicken nuggets, small fries and a small drink.
Gasoline
Gas prices have been falling for several months, and this trend may continue. According to AAA, gas prices fell for the first three weeks of June, but bumped up a little the week of June 24, with holiday travel approaching. Prior to that, declining demand had led to declining prices, and the demand may drop again after the holiday.
If you’re in Indiana or Virginia, however, you won’t see this. Those two states are increasing their gas taxes as of July 1.
What To Expect in the Future
It’s encouraging to see prices falling, but consumers should not expect to see most things return to pre-inflation levels. There are two reasons for this. First, prices tend to rise over time — we’ve all seen those nostalgic lists of long-ago prices, when a loaf of bread was 25 cents. So, while it’s nice to see a smaller grocery bill, the overall trajectory of prices is upward.
The second reason is that wages have also risen. According to the Bureau of Labor Statistics Employment Cost Index, wages and salaries were up 4.3% from March 2023 to March 2024. Based on continued low unemployment, wages and salaries are likely to continue to rise, as well.
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