Like your average middle schooler, the U.S. economy is in a weird place right now.
The country has started to reopen after 14 months of shutdowns and travel restrictions, and we’re trying to go from zero to 100 real quick, which has created a bit of chaos.
Gas prices soared, and the jobs report didn’t live up to expectations this month, as inflation hit its highest level in 13 years. And we all know what happened in 2008 when we tried to course correct.
So, what does all this have to do with your grocery bill? Well, grocery prices were among the most inflated.
A glimpse at food price inflation
The prices of just about every food category have gone up significantly in the past few weeks. According to recent Nielsen IQ data, 50 of the 52 food categories that it tracks had higher prices than a year ago. Only milk and butter stayed steady.
In the 13-week period ending April 24, seafood prices were up nearly 19%. If you weren’t already avoiding salmon after watching Seaspiracy, you might be now. Meanwhile, baked goods were up about 7.5% from last year over the same period.
What can you do to combat the rise in grocery prices?
If you’re already struggling to pay for groceries every month, you may want to see what options are available to help cover the costs.
Extreme couponing isby its very definitionextreme. But even a quick check of your grocery store’s circular for paper coupons or mobile app for digital coupons can help you save here and there. And if you haven’t already joined your grocery store’s loyalty program, you can save yourself several dollars per trip with those fun plastic keychain tags. Most stores let you scan a virtual version or plug in your phone number if you don’t want to take up valuable real estate on your keys.
You might qualify for Supplemental Nutrition Assistance Program (SNAP) Benefits if your household income is below a certain threshold. The increase to the maximum allotment for SNAP was extended through September after President Biden signed the American Rescue Plan Act of 2021 in March.
Additionally, if charging your groceries has caused you to rack up credit card debt on top of your other nk about a debt consolidation loan to streamline your bills into one monthly debt, you may want to thi payment. This can potentially help you save money on interest and pay off your debt more quickly.
Is this inflation long-term or just a blip?
It’s hard to say.
The Consumer Price Index for food-at-home, was 3.3% higher year-over-year in March 2021, according to the USDA. Food-at-home refers to food purchases from grocery stores or supermarkets, as opposed to food-away-from-home, which refers to restaurant purchaseseven if it’s takeout or delivery.
In USDA’s April forecast, it predicted that food-at-home prices would increase between 1-2% for all of 2021. But despite the increase, inflation was expected to be at or below 20-year historical averages for most food categories.
I’m a 20-something stay-at-home mother and wife. I have an amazing husband, a beautiful daughter, two loving dogs, and a lazy cat. I wouldn’t change my life for anything! I love to read, listen to music, cook and blog!
Speak Your Mind