NASHVILLE, Tenn. (WTVF) — Recent data from the Consumer Price Index reveals that while inflation might be showing signs of cooling down in certain sectors of the economy, the prices of groceries continue to climb, posing challenges for shoppers.
According to reports, Americans are spending a larger portion of their income towards groceries than ever before. This trend has left many consumers feeling the pinch in their wallets and questioning if any relief is in sight.
"I can't justify $17 for one steak. So that's the only thing that I really cut back on is beef," said Mike Shipp, a shopper.
His concerns echoes that of many others who are grappling with the rising cost of food items.
By the close of 2023, consumers were reportedly paying nearly 20% more for the same basket of groceries compared to prices in 2021.
This significant increase has left people like Delvin Woods feeling overwhelmed when navigating grocery aisles.
"I feel sick. I don’t like spending money," Woods said.
Despite the overall slowdown in inflation, food prices persist in their upward trajectory.
Recent statistics indicate that Americans are now spending the highest percentage of their income on food in the last three decades.
While grocery prices continue to soar, consumers are also facing increased expenses when dining out. Reports indicate that restaurant prices have surged by more than five percent, further straining household budgets.
However, amidst these challenges, some shoppers are shopping for more affordable options.
Independent grocery stores like Compton's Foodland has a team with a focus on affordable prices.
Store manager John Carpenter remains optimistic about the future, believing that prices of groceries will eventually stabilize.
"Product is becoming more available, which allows manufacturers to offer promotional deals to independents like ourselves," Carpenter said. He anticipates passing on these savings to customers in the form of lower prices.
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