Despite the rate of food price increase drop, 80% of Americans say that grocery costs have increased a lot since the pandemic!
Recent government inflation data shows that the rate at which food prices are rising has slowed. However, many shoppers still struggle with high grocery costs. According to a survey conducted, among 2,011 adults, by Qualtrics on behalf of Intuit Credit Karma, 80% of Americans say grocery costs have significant increased over the past few years.
Since the pandemic began, grocery prices have surged by 25%, forcing some consumers to make tough choices. The report shows that 28% of people have had to cut back on essentials like rent or bills to afford food, 27% have occasionally skipped meals, 18% have applied for or considered applying for food stamps, and 15% have turned to or considered food banks. While 53% of say they earn too much to qualify for government assistance but still find it difficult to cover basic needs.
Although higher grocery prices are widely noticed, other costs are also increasing. More than half (51%) of consumers have seen a rise in gasoline prices. Other expenses such as cable, electricity, and internet bills have increased for 39% of respondents, while housing and dining out costs have risen for 27%.
“Grocery prices skyrocketed during the pandemic, and in many cases they’ve kept going up, even though the pandemic is over”, said Sen. Elizabeth Warren at a recent Senate hearing.
Overcoming the Problem
For those struggling to afford groceries, finding a local food bank through FeedingAmerica.org can be helpful. Additionally, reevaluating spending habits can make a difference, according yo Credit Karma. Exploring different retailers and taking advantage of sales can help find the best value. Signing up for store loyalty programs, switching to store or generic brands, and buying in bulk can lead to significant savings. Certain websites and apps, like CouponCabin, Flashfood, and Martie, offer discounts and alerts for overstocked items.
Using credit cards with cashback rewards can also contribute to savings, but it’s crucial to manage these perks wisely to avoid accumulating debt. Research from the Urban Institute indicates that Americans who rely on credit cards, buy now pay later programs, and payday loans for groceries may end up in debt.