NASHVILLE, Tenn. (WTVF) — Prices are not up as much as they were a year ago, but food inflation is still taking a toll on families.
The price of tomatoes, all-beef hot dogs, and even eggs are up a noticeable amount from June to July.
All of that is in Wednesday's consumer price index report.
We dug through the consumer price index report for you specifically with your grocery list in mind.
Staples like meat, poultry, and eggs are up 3% over last year's prices. While fresh produce was down 0.5% for the year, consumers paid less in June. Overall, food is about as expensive as last summer.
With all this in mind, A&M Marketplace in Nashville is not raising prices store-wide.
"We are not going to increase the price on our customers," said Martha Lupai, co-owner of the store. "Our profit margin is so small, so we just hoping that people will know our story and come, more customers will come and they will balance it out."
The store inside the Nashville Farmers' Market is in a part of town that for a long time was considered a food desert.
"A lot of people cannot get fresh food vegetables... to be eating healthy... We don't want them to come here and say we can't afford [it] or the little girls and boys come and say what is this mango? And when they ask the price, we don't want to say it is out of their reach," Lupai said.
Lupai knows what it is like to experience sticker shock. Small businesses that depend on deliveries are hit hard by inflated prices.
"Very high. It's been like what's going on? Because I also understand the petrol — the gas is expensive for the truckers. Sometimes we get shipments from different states," she explained.
Business owners who share in the inflation burden are doing customers a huge favor.
We reviewed the latest inflation report with David Globke from SFA Wealth Management in Murfreesboro and talked about inflation's impact on small businesses. Globke said most owners pass some of the additional costs on to consumers.
Like people shop around for insurance, Globke recommended shopping around for other commodities, too.
"Changing the way you consume and what you consume at the grocery store can certainly have a lot of impact," said David Globke. "Inflation... it will remain sticky."
All in all, the inflation report should not discourage consumers. Overall, inflation was 2.9% which, is the first time it's been below 3% since 2021.
Globke said by the looks of it, it is very likely the Federal Reserve is on track to cut interest rates soon.
"To go from 9% to slightly below 3%... it's a mammoth undertaking. So, I think we should all take comfort in the fact that the outlook tends to be improving. There will be periods of elevated inflation that creep back in. There will be items that I don't know if they'll ever return to pre-COVID prices," he said.
Do you have more information about this story? You can email me at Hannah.McDonald@newschannel5.com
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