Americans are furious that they continue to be squeezed by high grocery bills even as inflation nears pre-Covid levels, according to a new survey.
The latest Axio Vibe Check survey of 2,120 adults in December revealed that some 72% of respondents felt inflation was still hitting hard at the grocery store.
Nearly 60 percent also said they feel angry, anxious, and resigned every time they shop for groceries as they struggle to make their budget work.
The negative sentiment at grocery stores comes as food prices remain high despite inflation plunging since hitting a four-decade high of 9.1% last summer.
Now at just 3.4%, inflation is approaching the Federal Reserve’s target of 2%, but not all prices are falling equally.
The Bureau of Labor Statistics (BLS) found that in December, grocery costs were still rising, with the cost of cereals and bread products up 2.6% and fruits and vegetables up 0.3% from last year.
Inflation for grocery prices in America jumps to 13.5% in August 2022. US Bureau of Labor Statistics
Egg prices also rose 8.9% from November, which was driven not only by inflation but by the effects of bird flu which again affected the industry.
Overall, the category “food prices at home” rose 1.3% for 2023, a seemingly small amount but which comes after years of high costs and a high of 13.5% in August.
That means that Americans who spend $100 on their grocery bill in 2019 will spend about $125.51 on the same amount of food in December, according to data from the BLS.
Although prices have declined from their peak last year, they remain high, with grain costs up 2.6% in December. Getty Images Overall, Americans are estimated to be spending 21% more on their grocery bills compared to pre-pandemic levels. Getty Images
This shows that Americans are still spending 21% more on their grocery bills than before the pandemic, a clear indication that inflation remains a sore subject for many consumers, according to the Axio survey.
Perhaps some of the anger also stems from the fact that retail prices plunged after peaking in 2022, reaching more normal levels in the spring of 2023 before rising again in the fall.
While hopes remain that inflation will decline to pre-pandemic levels, that decline may not happen anytime soon as the Consumer Price Index remains volatile.
Most Americans report feeling angry and anxious when they go out to the grocery store. Tada Image – stock.adobe.com
Although inflation was relatively low at 3.4%, it was actually an increase from the 3.1% recorded in November and higher than the 3.2% forecast by economists.
Although a bumpy road is predicted ahead, Bill Adams, chief economist for Comerica Bank, said that the latest BLS Consumer Price Index report shows inflation is likely to continue to moderate in 2024.
“The big picture is that the economic dislocation caused by the pandemic is fading, economic growth is becoming more normal, and labor shortages are not an issue, helping to return inflation to normal,” Adams wrote in his review of the BLS report.
Categories: Trending
Source: thtrangdai.edu.vn/en/
