Inflation was hot in January. It surged by 0.5% in thirty days, the highest jump in three recent months. The inflation rate was 6.4% in January; it exceeded experts' predictions of 6.2%.
The grocery bills of Americans reflect the increase. The impact is immediate.
Many customers said they see higher differences in their shopping bills. High inflation has gone on long enough. Most retailers pass on the new expense fast to consumers. The constant increases in groceries bills have led many to think it is cheaper to eat fast food.
Consumers claim they have seen increases of 50%-70% in bills between 2021 and 2022. Statistics say the month-to-month climb in prices from January to February 2023 will be between 0.5% - 1%:
- Eggs - 0.7%
- Meats - 0.7%
- Poultry - 0.7%
- Fish - 0.7%
- Fruits and vegetables - 0.5%
- Cereal and bakery items - 1%
So shoppers experience more stress about fitting grocery needs into their budgets.
Will the problem go away?
Experts say the problem will not go away anytime soon.
And there could be more of the same next month.
Greg McBride is the chief financial analyst for Bankrate.com. He says food reflects inflationary pressures the most.
"The persistent and pervasive increases in food prices, for both food at home and away from home, continue to strain household budgets."
"If there is a poster child of this inflationary bout, it is food prices due to its necessity and the extent to which prices have increased."
"While bad weather or limited supply issues can impact certain commodities, as seen with coffee and wheat, in other cases it can be due to higher labor and transportation costs, or something specific as the avian flu impacting chicken and egg prices."
The article went on to compare prices between stores.
The benefits of shopping around are debatable.
How are you coping with higher grocery bills? Does shopping around and fast food help?
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What do you think?
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*Disclaimer: This article is for informational purposes only. This article got written using accredited media reports. Below are affiliate links. *Advice Disclaimer: The article and the information contained herein are not intended to be a source of advice.
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