Most Americans say food inflation is worse than high gas prices
- Nearly 80% of Americans say food inflation worse than high gas prices
- Grocery prices have risen 25% since the pandemic
- Major retailers are slashing prices to entice customers
A woman browses produce for sale at a grocery store, Friday, Jan. 19, 2024, in New York. In final rule changes announced Tuesday, April 9, 2024, the federal program that helps millions of low-income mothers, babies and young kids will soon emphasize more fruits, vegetables and whole grains, as well as provide a wider choice of foods from different cultures. (AP Photo/Peter K. Afriyie, File)
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(NewsNation) — When it comes to the rising cost of living, most Americans say soaring grocery bills are hitting them harder than high gas prices.
Nearly 80% of respondents in a new WalletHub survey said food inflation is worse than high gas prices. It’s a finding that underscores the frustration many are feeling at the supermarket, where prices are up nearly 25% since the pandemic.
While gas prices have also shot up recently, last month’s $3.76 per gallon average was well below the $5 level seen during the summer of 2022. Mild demand and cheaper oil could push prices at the pump even lower this summer; however, hurricane season will be a major factor.
Unlike gas, several grocery staples that went up in price still haven’t come down — and may never. A pound of chicken costs about 35% more than it did three years ago. Bread is up more than 30% over the same period. Egg prices are down from their 2023 spike but still cost about two-thirds more than in May 2021.
In response, consumers have had to get savvy to find deals, with many ditching name brands in favor of store brands.
The silver lining for shoppers is that grocery inflation is slowing and hasn’t ticked up since January. Major retailers are also cutting prices to win back customers.
Last month, Target said it was slashing prices on thousands of staples, including meat, milk, bread and fresh fruit. Walmart recently expanded its price rollbacks as well.
The relief can’t come soon enough. Nearly 30% of respondents in a recent Credit Karma survey said they are sacrificing other necessities like rent and utilities to afford groceries. More than a quarter of those polled said they’ve had to skip meals.
