Americans are feeling the pinch as grocery and takeout prices surged past expectations in January, according to the Bureau of Labor Statistics (BLS). The Bereau's Consumer Price Index (CPI) revealed a 3.1% year-over-year increase in overall grocery prices since last year. Restaurant dining wasn't spared either, with prices skyrocketing a staggering 5.1% for diners. This all contradicts recent narratives of receding inflation and a thriving economy, raising concerns for American consumers.
Grocery Prices Higher Than They Were During Covid
We are seeing food inflation worse than we did during the post-Covid retail frenzy. According to the USDA, we are paying a whopping 25% more for our purchases than we did in 2019. That means that low-income American families are in danger of going without as we're seeing food insecurity concerns rise cross-country.
Biden Targets Grocers Over Greedflation And Shrinkflation
President Joe Biden has chimed in with some stern words to retailers and food makers. He is demanding they come to the table with solutions to help ease the burden on your pocketbook. He was quoted saying "There are still too many corporations in America ripping people off: price gouging, junk fees, greedflation, shrinkflation." If you're unfamiliar with the term, "shrinkflation" is reducing the amount of product in a package while charging the same price for it at retail.
Help Is Available: USDA SNAP State-By-State Directory
If you or someone you love is having difficulties making ends meet, help is available. The USDA publishes a state-by-state list of SNAP food assistance resources that may help you get over the hump until food prices come back to previous levels.
