BUFFALO, N.Y. — Price stabilization is the name of the game in 2024, according to one Western New York supply chain expert.
Niagara University's Jack Ampuja says don't expect major price increases in the new year but also don't expect big decreases either when it comes to groceries or other commodities.
"We are seeing a softening of pricing. The last three months that we've looked at, food prices in this country went up about three percent, so a little higher than the feds two percent target. But the really good news is in the last 30 days, for example, according to the U.S. Department of Agriculture, at-home food prices are actually down about a half percent," said Ampuja.
Ampuja says we could see lower prices on clothing and furniture that's imported because of lower freight costs. He added that a lot of people are really watching their food budgets, so retailers have to respond.
"Retailers are aware of that, so they've got to respond in kind by trying to reduce prices to get people back to the products they want to sell. There's that continual market force going on," said Ampuja.
Ampuja says prices at restaurants are up a bit — not because food is more expensive but because the cost of labor is up, due in part to minimum wage increases. That includes New York State where the wage hike is set to go into effect January 1, 2024.