The Grocery Store Inflation Rate Just Rose Again to Historic Highs
For the second time this year, new reports show inflation numbers are at their highest in decades. In January, the rate was about 7%—the highest it's been since the summer of 1982. Yet, the newest data set shows the number rose even higher throughout February for everything, including grocery store prices.
According to the U.S. Bureau of Labor Statistics, grocery items continued to clime in the shortest month of the year. The consumer price index rate for the "food at home" category, in particular, rose to 8.6% at a rate that rivals the earliest days of the pandemic in April 2020.
Thanks to continued supply pressures related to COVID-19, plus climate change, shortages, and the ongoing crisis in Ukraine because of Russian aggression, shoppers could start to see the effects of inflation going up within a few months. Yet, grocery items like meat, grain products, eggs, and more are already at their highest in years.
Since the beginning of 2022, several big-name food companies like Tyson, Pepsi, Mondelez, Kraft Heinz, and more have announced they are raising their prices by about 7% or up to 30% to match or cover the inflation rate. There's no word yet on whether or not the makers of Oreos or Velveeta and Oscar Mayer meats will match the new increases.
Walmart, in the meantime, has announced it is placing some items on sale to entice shoppers to continue to buy. This is happening while the company is reportedly chaining and securely locking other products up to avoid theft.
While the new data shows record-breaking numbers, a recent survey found that consumers actually think the rate is about double what it really is.
The good news is that there are still ways to save as you shop. Making This Grocery Swap Can Save You Money, a New Study Finds.
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