• Investing
  • Stock
Round Table Thoughts
  • Economy
  • Editor’s Pick
Home Editor's Pick Why groceries are so expensive — and how consumers may start to see relief
Editor's Pick

Why groceries are so expensive — and how consumers may start to see relief

by May 26, 2024
by May 26, 2024 0 comment
Share
0
FacebookTwitterPinterestWhatsapp

High inflation is subsiding, but many Americans have yet to see relief from elevated prices at the grocery store.

“Grocery prices skyrocketed during the pandemic, and in many cases, they’ve kept going up, even though the pandemic is over,” Sen. Elizabeth Warren, D-Mass., said at a Wednesday Senate hearing.

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.

And they may be frustrated to find other products, such as a box of cereal or a package of spaghetti, come with fewer servings for the same price, she said. That trend is known as shrinkflation.

Lawmakers are divided on what has prompted those elevated prices.

“Grocery prices are up because of good old-fashioned corporate price gouging,” Warren said. “And they can gouge consumers on prices because there’s only a small number of companies controlling every level of the food chain.”

Sen. John Kennedy, R-La., blamed government spending under President Joe Biden.

“When you spend this kind of money, you’re going to have inflation,” Kennedy said.

A recent Harris poll found that almost 3 in 5 Americans think the country is in an economic recession — even though it is not — with inflation a top concern.

“Inflation is coming down, but prices remain elevated,” said Mark Hamrick, senior economic analyst at Bankrate. “As long as prices are elevated, that means that affordability challenges persist.”

One measure of inflation, the consumer price index, shows the food index was flat in April compared to the prior month.

Yet over the past 12 months, food was up 2.2%.

Certain categories, such as apples and eggs, have declined over the past year. Other items, such as juices and drinks and beef roasts, are up.

“I’m 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,” said Trae Bodge, a smart shopping expert at TrueTrae.com.

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 saddled with debt after turning to credit cards, buy now pay later programs and payday loans to pay for groceries.

Food insufficiency — where households sometimes or often do not have enough to eat — is more prevalent for 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.

Some brands are stepping up their efforts to make food more affordable.

This week, Target announced plans to lower prices on about 5,000 items, including bread, fruit, vegetables, milk and meat.

As fast food prices rise, McDonald’s and Wendy’s are also adding lower-price options to their menus.

To get the most out of grocery store trips, experts say it’s best to have a strategy.

“It’s a good opportunity to create smart shopping habits,” Bodge said.

Where possible, consumers can shift their purchasing habits — to eat at home rather than dine out or buy chicken instead of beef — to limit the effects of rising costs, Hamrick said.

“There is a range of opportunities to make choices and to substitute at lower prices and to get better value,” Hamrick said.

Visiting different retailers — both in person and online — may help to capitalize on sales and find the best value available.

If a store has a loyalty program, sign up for it to make sure your purchases are eligible for discounts or rewards, Bodge said.

Switching over to store or generic brands can also provide meaningful savings. Buying products in bulk may help save up to 40%, she said.

Certain websites and apps help make shopping more efficient.

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.

“If you combine all of those things, you can save significantly on your groceries,” Bodge said.

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’s important to maintain a balance you can pay off each month.

This post appeared first on NBC NEWS
You Might Also Like
  • JetBlue and Spirit Airlines terminate $3.8 billion merger
  • Two plead guilty to insider trading related to Trump Media merger
  • UAW strike expands again as union says it shut down Ram truck plant
  • Mattel pulls thousands of ‘Wicked’ dolls off shelves after printing adult website on packaging
Share
0
FacebookTwitterPinterestWhatsapp

previous post
Week Ahead: NIFTY Set To Move Within This Volatile Range; Curtailing Leveraged Exposures Is Recommended
next post
House lawmakers visit Taiwan as China warns US to stay out

You may also like

Costco sold more than $100 million in gold bars last...

December 16, 2023

Amazon to shut down speedy brick-and-mortar delivery service

October 23, 2024

Hermès lawsuit claims luxury retailer reserves its famed Birkin bags...

March 25, 2024

Star witness says FTX head Sam Bankman-Fried told her to...

October 11, 2023

Red Lobster files for bankruptcy, but restaurants will stay open

May 21, 2024

American Eagle profit soars, but sales grow slower than expected

May 30, 2024

Disney sues Florida Gov. Ron DeSantis over control of self-governing...

May 3, 2023

Home Depot expects sales to weaken as consumers grow more...

August 14, 2024

Overstock.com will relaunch Bed Bath & Beyond after buying its...

June 29, 2023

Walmart fined for shipping realistic toy guns to New York,...

May 28, 2025

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Week Ahead: NIFTY Stays In A Defined Range; Moving Past This Level Crucial For Resumption Of Upmove

      May 31, 2025
    • Breakouts, Momentum & Moving Averages: 10 Must-See Stock Charts Right Now

      May 31, 2025
    • Leadership Rotation Could Confirm Corrective Phase

      May 30, 2025
    • Run Your Stock Portfolio Like a Pro Sports Team

      May 30, 2025
    • U.S. foreign tax bill sends jitters across Wall Street

      May 30, 2025

    Popular Posts

    • 1

      Trump-era China sanctions ended by Biden may be...

      June 27, 2024 2,765 views
    • 2

      Walz’s honeymoon with China gets fresh scrutiny as...

      August 9, 2024 2,472 views
    • 3

      Biden appointee played key role in recruiting Chinese...

      June 25, 2024 2,451 views
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful...

      July 10, 2024 2,432 views
    • 5

      Harris VP pick spent years promoting research facility...

      August 29, 2024 2,308 views

    Categories

    • Economy (7,009)
    • Editor's Pick (2,106)
    • Investing (538)
    • Stock (2,582)

    Popular Posts

    • 1

      Trump-era China sanctions ended by Biden may be revived under new House GOP bill

      June 27, 2024
    • 2

      Walz’s honeymoon with China gets fresh scrutiny as Harris camp blasts ‘lying’ critics

      August 9, 2024
    • 3

      Biden appointee played key role in recruiting Chinese businesses to Delaware: ‘Longtime friends’

      June 25, 2024
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful of Chinese spy threats

      July 10, 2024
    • 5

      Harris VP pick spent years promoting research facility that collaborated with ‘Chinese military company’

      August 29, 2024

    Latest News

    • Week Ahead: NIFTY Stays In A Defined Range; Moving Past...

      May 31, 2025
    • Breakouts, Momentum & Moving Averages: 10 Must-See Stock Charts Right...

      May 31, 2025
    • Leadership Rotation Could Confirm Corrective Phase

      May 30, 2025

    Categories

    • Economy (7,009)
    • Editor's Pick (2,106)
    • Investing (538)
    • Stock (2,582)

    Disclaimer: RoundTableThoughts.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 RoundTableThoughts.com. All Rights Reserved.

    Round Table Thoughts
    • Investing
    • Stock
    Round Table Thoughts
    • Economy
    • Editor’s Pick

    Read alsox

    Starbucks will accept reusable cups for...

    January 6, 2024

    Savings simulator: Is your money beating...

    October 9, 2023

    Biden administration to lower costs for...

    June 28, 2024
    Sign In

    Keep me signed in until I sign out

    Forgot your password?

    Password Recovery

    A new password will be emailed to you.

    Have received a new password? Login here