It’s Not Just You, Groceries Are Way More Expensive Right Now
On average, families are spending an additional $250 a month on necessities, and groceries are 7 percent more expensive this year than last.
The past few years have been really challenging for families and with the price of groceries going up on top of everything else, parents are stressed. If you’ve noticed your weekly food bill has been climbing and climbing, you’re not alone. Groceries are seven percent more expensive than last year. And we can blame inflation. Here’s what you need to know.
Why are groceries more expensive?
According to The Wall Street Journal, inflation has reached its fastest rising rate in nearly 40 years, and American families are feeling the squeeze. The average household spending in the U.S. rose an additional $250 a month because of these increases, and groceries, one of the most essential of essentials, are responsible for a good chunk of that.
CNBC reports the quick rise in inflation can be blamed on pandemic-related demand issues. We know that production, transportation, and supply chain issues have been driving prices up for consumers— while grocery store chains rake in increased profits.
Which groceries cost more now?
The price increase in groceries isn’t equal across the board. Some things have gotten considerably more expensive while a few remain the same.
For example, according to the Bureau of Labor Statistics, the price for flour and prepared flour mixes has jumped more than 10 percent; bacon has swelled by a whopping 18 percent; cookies rose six percent; oranges are up by 10 percent as well. Rice rose just over three percent; the price of eggs is up 13 percent, and milk is up 8 percent.
“A lot of people are hurting because of high inflation. $250 a month—that’s a big burden,” said Ryan Sweet, a senior economist at Moody’s Analytics who spoke with The Wall Street Journal. “It really hammers home the point of ‘what is the cost of inflation?’”
Budgeting tips to help with the increase in grocery costs
Trying to ensure we have enough money to keep food on the table is a real stressor for so many American families. Experts have said that there are a few tips to follow that can help keep the cost down, and it all requires some extra planning.
According to CNBC, the experts they spoke to suggest parents stock up on grocery staples like pasta, rice, frozen and canned vegetables, eggs, and ingredients that can be used in many meals. Another suggestion is to price shop at different grocery stores in the area for the best deal.
Additional tips include swapping more expensive ingredients for more affordable ones and always going to the grocery store with a list so we’re less likely to buy things on a whim — as well as waiting for meat sales after major holidays in order to stock up on some of the priciest of proteins.