We saw record-high inflation in June at 9.1%. This number lowered to 8.5% in July while gas prices slowly started to creep down, although the national average is still $4.010 per gallon. However, we've been distracted from the ever-rising prices of food.
Food Prices Increased 13% in July, the Biggest Spike Since 1979
A new survey from Business Wire found that 39% of Americans are concerned about paying for groceries. 45% are intentionally eating out less in order to save money due to the increasing cost of dining out. People are also looking for cheaper options for groceries in order to save a few bucks.
The price of food increased 13.1% in July and this is the biggest one-year increase since 1979. This has resulted in people either buying less or shopping around for more bargains. The Labor Department reported that in July, the cost of making meals at home rose 1.3% and all major grocery stores saw an increase in prices. The price of coffee rose by 20%, butter rose by 22%, and flour rose by 23%.
Americans are cutting back on spending in general, but they're particularly feeling the pain when it comes to food and groceries. Hopefully we'll see a decline in these prices just like we have at the gas station.