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Food Price Analysis: Products to Expect Spiking & Dropping Costs in 2024

Jan 3, 2024 at 5:01 am

Anyone who fills the shopping cart in the new year will notice that, despite the decline in inflation, many products are considerably more expensive than at the beginning of 2023. Bread, pears, tea, soft drinks and olive oil are expensive. But there are also windfalls: butter, milk, coffee and peanut butter.

This is shown by an analysis by NU.nl. Here is a selection of the price increases and decreases.

Many products became slightly more expensive, but there have also been more extreme price increases. For example, you pay 20 cents more for a simple whole wheat bread than at the beginning of 2023. That is a price increase of 12 percent. A bag of white buns has become 25 cents more expensive.

If you buy your own brand sandwich sausage or chocolate sprinkles, it will cost you about 18 percent more. And for apple syrup you even pay a quarter more than at the beginning of 2023: from 79 cents to one euro.

Shopping cart

Every month, NU.nl tours four major supermarkets with a shopping cart full of food and drinks. For example, we track the prices of eighty products, both A-brands and private labels.

The higher prices of sandwich fillings can be somewhat explained by the increased market prices of cocoa, sugar and fructose syrup. Due to poor harvests worldwide, these have reached the highest levels in more than ten years. A dry and bad season for many olive farmers also led to higher prices. Both private label olive oil and Bertolli olive oil are easily 14 percent more expensive.

Anyone who goes to get fruit will also pay a lot more for a bowl of pears. Decreased harvests will cost you a quarter to a half more. At a price of 2.59 euros you pay 70 cents more than last year.

Soft drinks and juice are rising in price

Furthermore, noticeable price increases can be seen in soft drinks and juices. This is partly due to the higher tax on these drinks, which are passed on to you by the supermarket. Although prices for those products also increased earlier in 2023. You now pay 30 cents more for a carton of apple juice than last year. And a pack of iced tea or a bottle of cola is also easily a fifth more expensive.

Anyone who takes a healthier approach with a cup of tea will also face a price increase. A pack of Pickwick English Breakfast tea bags is 14 percent more expensive at major supermarkets.

Chicory and milk windfalls at the checkout

Between the more expensive broccoli and onions (both almost 30 cents more expensive), there are also some windfalls to be found on the vegetable shelves. Cucumber, zucchini, eggplant and chicory are cheaper than at the beginning of last year. Just like a bag of Elstar apples, for which you now pay 2.49 euros instead of 2.79 euros.

Fortunately, more products have become cheaper. A pack of butter is 13 to 17 percent cheaper this year than at the beginning of 2023. This is because market prices of butter were very high last year due to extreme demand and high energy prices. Now prices have fallen again, just like with milk. A liter carton of semi-skimmed private label milk is easily 20 percent cheaper this week than at the beginning of 2023.

A cup of coffee costs less

The price of coffee has also fallen sharply in the past year. A pack of Aroma Red quick filter grind from Douwe Egberts is 50 cents cheaper at Albert Heijn and PLUS. At Jumbo, at a price of 6.49 euros, the difference is even 1.42 euros compared to last year. For private label variants, the price drop is slightly smaller, but also present.

A bag of natural chips has become more than 5 percent (10 cents) cheaper. Chips were extra expensive at the beginning of last year, partly due to higher prices of sunflower oil. Now the price is dropping again slightly.

And peanut butter is also much more competitively priced. A 350 gram jar of Calvé became 7 to 9 percent cheaper in one year at Albert Heijn and PLUS. Both supermarkets are already charging more than in December. Jumbo even charges 24 percent less than at the beginning of 2023.

Brand experts are aware of price drops at Calvé de Volkskrant rather an attempt to win back customers who have switched to private labels. This may also be the case with chocolate sprinkles: De Ruijter packs actually became 12 to 23 percent cheaper in one year, while private label chocolate sprinkles actually rose in price.

2024-01-03 04:01:10
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