Groceries costly for many Americans despite slowing inflation
While the latest inflation update isn’t as bad as expected, inflated prices have been stretching budgets for millions of American families all year.
Story at a glance
- Grocery prices are up by over 1% compared to last year and by 25% since the pandemic.
- That means the average cost to feed a family of four is nearly $1,000 per month.
- Prices for housing, cars, insurance and other basics are also up.
(NewsNation) — Inflation is slowing but there seems to be new sticker shock every day at the grocery store.
The inflation rate is at 3.4% compared to 3.5% in March.
While the latest inflation update isn’t as bad as expected, inflated prices have been stretching budgets for millions of American families all year.
Throughout the country, shoppers are paying more for just about everything, forcing many to cut unnecessary spending such as dining out, entertainment and vacations.
Grocery prices are up by over 1% compared to last year and by 25% since the pandemic. That means the average cost to feed a family of four is nearly $1,000 per month.
Just having a place to call home is costing more. Rent or ownership expenses are up by 5.5%. That means a $1,000 rent is now $1,055.
Having a car to get around is up significantly. Insurance rates are nearly 23% higher than last year and 46% since the pandemic — and fixing any issues costs nearly 10% more. One Nevada driver was hit by an insurance hike of 38%.
“There was no notice, didn’t have any changes in my driving history or my credit scores or anything,” Michelle Rousseau said. “It’s really hard or nearly impossible for some to absorb that kind of increase, especially without warning.”
Food inflation also has the cost of dining out by 26% since the pandemic. Restaurants are also seeing an impact, as consumers cut back by cooking meals at home.
Overall, grocery prices are 25% higher than 2020, outpacing inflation.