It’s no secret that money doesn’t go as far in grocery stores as it once did. The soaring cost of food staples remains a pain point for millions of American families in 2023. In June, grocery prices rose again, keeping the cost of living at historic highs and squeezing the buying power of U.S. workers for yet another month. After dealing with over two years of persistent price increases, shoppers are having to pay up to 300% more on everyday essentials, according to a new report that compares 2020 prices to the ones we’re seeing at supermarkets today. If you’re being forced to change your eating habits and worried about weekly price fluctuations at stores, you are not alone. Continued below the video
A Swiftly survey reveals that the overwhelming majority of households in the United States are facing growing hardships and even going into debt to afford their grocery bills. With a recession unfolding and companies announcing mass job cuts, many people out there will, unfortunately, find themselves in extreme situations, and food insecurity and hunger may not be such distant possibilities for those who are already struggling right now. Restaurants and consumers alike are reporting insane price hikes in 2023. A new report by NJ Advanced Media compared the costs of some everyday essentials between 2020 and 2023, and their finds are truly shocking. According to the analysis, nearly every consumer and restaurant owner surveyed has mentioned one key food staple that skyrocketed in price: Chicken. In 2020, a 40-pound bag of chicken cost $27. Continued below the offer
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Now, it is selling for $108. That’s a 300% price hike in the span of just 30 months, the analysts highlighted. With a potato shortage hitting most U.S. markets since December 2021, one popular item both at restaurants and at home is also facing staggering levels of inflation this year. Frozen french fries are second on the list of products with the highest price increases in recent years, going up a whopping 156%. A 30-pound box of French fries that cost just $16 in January 2021, now sells for $41, researchers revealed. Rounding up the top three, avocados jumped in price by 122% since 2021. Soybean oil prices rose by 110% since 2020, the report showed.
Many people are simply cutting some products off their grocery shopping lists because they have become far too expensive. At this point, food inflation is making many people change their diets and worry about the quality of the food they are getting. A survey conducted by retail industry technology platform Swiftly found that 70% of shoppers are currently struggling to afford groceries, and that’s having a major impact on the way they eat. This is very alarming considering that about half of Americans wouldn’t be able to pay for groceries and monthly bills if they happened to lose their jobs during the ongoing recession, GOBanking Rates reported. The truth is that many cash-strapped households may be just a job loss away from experiencing a similar situation, especially considering just how out of touch with reality food prices have become. In the world’s wealthiest nation, no one should be suffering from hunger, but it is already among us and it may get even worse as the U.S. economy enters another crisis.