Food prices are rising to unprecedented levels as America struggles to keep up
Inflation is making an impact in consumer’s plans this holiday season as surging prices show no signs of slowing down. With the increase in price of both grocery items and holiday gifts, consumers are faced with the harsh reality of paying more for less.
According to a survey about experience and satisfaction with grocery stores by Market Force of over 2,000 consumers, over 50% of consumers have said that inflation has changed their way of spending at the grocery store in 2022. Across the US, 33% of consumers admit that the higher price of groceries and basic goods will change their holiday food shopping and holiday plans this year.
The price of fruits and vegetables has increased by 10.4% annually, while milk has rose 15.2% and eggs a whopping 30.5%. As stated in the most recent Consumer Price Index report by the Bureau of Labor Statistics, food prices are expected to grow more slowly in 2023 than in 2022, but still at above historical average rates. In 2023, all food prices are predicted to increase between 3.0 and 4.0%, foodat home prices are predicted to increase between 2.5 and 3.5%, and food-away-from-home prices are predicted to increase between 4.0 and 5.0%.
On the report of a recent WalletHub survey, 50% of consumers said Santa will be less generous and 40% of Americans are foregoing holiday gifts this season due to inflation. The National Retail Federation, known as the industry’s largest trade group, said Americans will likely lean on savings to afford holiday gifts this Christmas. One of the biggest ways to save this Christmas is to shop local and cut back on the cost of shipping and delivery fees. The best way to get “more bang for your buck”.