High inflation\u00a0is subsiding, but many Americans have yet to see relief from elevated prices at the\u00a0grocery store.<\/p>\n
\u201cGrocery prices skyrocketed during the pandemic, and in many cases, they\u2019ve kept going up, even though the pandemic is over,\u201d Sen. Elizabeth Warren, D-Mass., said at a Wednesday\u00a0Senate hearing.<\/p>\n
Shoppers may be infuriated to find certain grocery products, such as a pound of chicken breasts or a loaf of bread, go up from one week to the next, Warren said.<\/p>\n
And they may be frustrated to find other products, such as a box of cereal or a package of spaghetti,\u00a0come with fewer servings\u00a0for the same price, she said. That trend is known as\u00a0shrinkflation.<\/p>\n
Lawmakers are divided on what has prompted those elevated prices.<\/p>\n
\u201cGrocery prices are up because of good old-fashioned corporate price gouging,\u201d Warren said.\u00a0\u201cAnd they can gouge consumers on prices because there\u2019s only a small number of companies controlling every level of the food chain.\u201d<\/p>\n
Sen. John Kennedy, R-La., blamed government spending under President Joe Biden.<\/p>\n
\u201cWhen you spend this kind of money, you\u2019re going to have inflation,\u201d Kennedy said.<\/p>\n
A recent Harris poll found that almost 3 in 5 Americans think the country is in an\u00a0economic recession\u00a0\u2014 even though\u00a0it is not\u00a0\u2014 with inflation a top concern.<\/p>\n
\u201cInflation is coming down, but prices remain elevated,\u201d said Mark Hamrick, senior economic analyst at Bankrate. \u201cAs long as prices are elevated, that means that affordability challenges persist.\u201d<\/p>\n
One measure of inflation, the consumer price index, shows the\u00a0food index was flat\u00a0in April compared to the prior month.<\/p>\n
Yet over the past 12 months,\u00a0food was up 2.2%.<\/p>\n
Certain categories,\u00a0such as apples and eggs, have declined over the past year. Other items, such as juices and drinks and beef roasts, are up.<\/p>\n
\u201cI\u2019m seeing a little bit of a light at the end of the tunnel, where it seems like the prices for some items are decreasing or flattening,\u201d said Trae Bodge, a smart shopping expert at TrueTrae.com.<\/p>\n
Still, for some households, the long-term higher food prices may be leading to financial stress. New research from the Urban Institute shows Americans may be\u00a0saddled with debt\u00a0after turning to credit cards, buy now pay later programs and payday loans to pay for groceries.<\/p>\n
Food insufficiency \u2014 where households sometimes or often do not have enough to eat \u2014 is\u00a0more prevalent\u00a0for families with less than $50,000 in income and Black, Hispanic, disabled and younger adults, as well as parents living with children under 18, a recent Federal Reserve well-being survey found.<\/p>\n
Some brands are stepping up their efforts to make food more affordable.<\/p>\n
This week, Target announced plans to\u00a0lower prices\u00a0on about 5,000 items, including bread, fruit, vegetables, milk and meat.<\/p>\n
As fast food prices rise,\u00a0McDonald\u2019s\u00a0and\u00a0Wendy\u2019s\u00a0are also adding lower-price options to their menus.<\/p>\n
To get the most out of grocery store trips, experts say it\u2019s best to have a strategy.<\/p>\n
\u201cIt\u2019s a good opportunity to create smart shopping habits,\u201d Bodge said.<\/p>\n
Where possible, consumers can shift their purchasing habits \u2014 to eat at home rather than dine out or buy chicken instead of beef \u2014 to limit the effects of rising costs, Hamrick said.<\/p>\n
\u201cThere is a range of opportunities to make choices and to substitute at lower prices and to get better value,\u201d Hamrick said.<\/p>\n
Visiting different retailers \u2014 both in person and online \u2014 may help to capitalize on sales and find the best value available.<\/p>\n
If a store has a loyalty program, sign up for it to make sure your purchases are eligible for discounts or rewards, Bodge said.<\/p>\n
Switching over to store or generic brands can also provide meaningful savings. Buying products in bulk may help save up to 40%, she said.<\/p>\n
Certain websites and apps help make shopping more efficient.<\/p>\n
Coupon sites like CouponCabin may provide discounts for ordering groceries online. Flashfood may provide alerts to deals on overstocked grocery items. Martie also provides offers on deeply discounted items.<\/p>\n
\u201cIf you combine all of those things, you can save significantly on your groceries,\u201d Bodge said.<\/p>\n
The method of payment at the checkout counter may also lead to more savings, specifically concerning cash-back rewards through credit cards, she said. To effectively use those perks, it\u2019s important to maintain a balance you can pay off each month.<\/p>\n<\/p>\n
High inflation\u00a0is subsiding, but many Americans have yet to see relief from elevated prices at the\u00a0grocery store. \u201cGrocery prices skyrocketed during the pandemic, and in many cases, they\u2019ve kept going up, even though the pandemic is over,\u201d Sen. Elizabeth Warren, D-Mass., said at a Wednesday\u00a0Senate hearing. Shoppers may be infuriated to find certain grocery products, […]<\/p>\n","protected":false},"author":0,"featured_media":4866,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-4865","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/4865","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/comments?post=4865"}],"version-history":[{"count":0,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/4865\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media\/4866"}],"wp:attachment":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media?parent=4865"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/categories?post=4865"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/tags?post=4865"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}