How to save money as food inflation rises by over 11% in one year

There is no sign that food price inflation will ease anytime soon, says Misfits Market CEO Abhi Ramesh

Going to the grocery store isn’t getting any cheaper.

Rising food costs helped push Inflation increased again last monthdespite the decline gas prices, As per the latest, the food index alone has increased by 11.4 percent over the previous year consumer price Index Figures — the biggest jump in 12 months since May 1979.

The Food-At-Home Index, a measure of changes in prices at the grocery store, rose 13.5% — also a 43-year high.

In the face of higher prices, consumers are cutting back, according to Mark Hamrick, a senior economic analyst at Bankrate.com. However, “food, at its basic level, is not discretionary,” he said. “That’s the challenging aspect of the circumstances we’re in.”

Some of the biggest increases were in the prices of staples such as eggs, milk, cereals, bread and butter, further straining the household budget.

Inflation has also pushed many food and beverage companies, including Coke And PepsiCoTo raise prices on beverages and packaged goods. Some are even shortening their packages – also known as “.shrinkage“- or swap in less expensive materials, a strategy now known as “skimflation.”

Why food is getting expensive for everyone

“Grocery product manufacturers know that most buyers will immediately see an increase in prices, but are less likely to see a reduction in the net weight of the product or to switch to using cheaper ingredients,” said Edgar Dworsky, founder of Consumer World. Charmin’s is eyeing a downsizing of popular products like Quaker Instant Oatmeal and Honey Bunch of Oats.

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federal Reserve have already taken aggressive steps to fight rising inflationAnd a Survey released earlier this week Consumers are becoming less fearful about rising prices, as shown by the New York Fed – although they still expect inflation to be 5.7% per year.

“Consumers are prepared for higher prices to remain in the near future, but there is also a tendency for people to think that things may return to normal,” Hamrick said.

Meanwhile, “it is prudent for individuals to be cautious with their household budgets,” he said.

To that end, savings experts share their top tips for spending less on groceries as food inflation shows no signs of slowing down any time soon.

“It’s time to tighten the belt and have been for a while,” Hamrick said.

5 tips for saving on groceries

  1. Check sales. generic brand can be 10% to 30% cheaper More so than their “premium” counterparts, but that’s not always the case. Name brands are offering more discounts than usual right now to maintain loyalty, so it pays to pay attention to price changes.
  2. Plan your meals. When you plan your meals in advance, you’re more likely to buy only the things you need, said Lisa Thompson, a savings expert at Coupons.com. If planning isn’t your thing, at least shop around with an idea of ​​what you’ll be cooking in the coming week to help stay on track and avoid impulsive purchases.
  3. buy in bulk. When it comes to the rest of the items on your list, you can save more by buying in bulk. Joining a wholesale club like Costco, Sam’s Club or BJ’s will get you the best price per unit on condiments and non-perishables.
  4. Use a cash-back app. Ibotta and Checkout51 are the two most popular apps for earning cash back at stores, according to Julie Ramhold, a consumer analyst at DealNews.com. The average Ibotta user earns between $10 and $20 per month, but more active users can earn as much $100 to $300 per monthA spokesperson told CNBC.
  5. Pay with the correct card. while a normal cash back card like Citi Double Cash Card You can earn 2%, are exclusive Grocery Rewards Card Which can earn you up to 6% back at supermarkets across the country, such as Blue Cash Preferred Card from American Express, CNBC to select One complete roundup Best card for food shopping with no APR and annual fee.

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