ING predicts a higher increase in supermarket food prices this year compared to 2024

Food in supermarkets is going to rise more significantly in price this year than in 2024. This was a prediction made by ING economist Marten van Garderen, who is expecting an increase of a few percent.

Van Garderen based his expectations on the rising FAO Food Price Index, which is seen as an important indicator for food prices. He emphasized that a higher index does not have to lead to higher food prices, “but it is a predictor for what we can expect.”

The index predicted that the prices of dairy will increase, which can eventually translate into higher prices on the shelves. In addition, the prices for cacao and coffee, which are not in the index, have been rising sharply for a longer period of time. Other reasons for the price increases are the increase in salaries and energy costs.

Van Garderen did, however, dispel a misconception that he believes is often heard. "Food is often cited as the scapegoat for the above-average inflation of recent times. Although in the past it was justified to point at food as one of the biggest causes, this has not been the case for over a year. Other goods and services like tobacco have had a more significant impact on inflation recently.”

But this view could be altered due to the rise in food prices this year, said the economist. Inflation will remain stubborn, he said. “The average price increase was 3.3 percent in January, and we also noted 3.3 percent higher prices in 2024,” he calculated. "This while the long-term average over the past decades has been slightly above 2 percent."