Posted on 02/01/2023 9:00:46 AM PST by Diana in Wisconsin
Over the past few months, many of the factors that fueled a four-decade high in inflation have begun to fade, and shoppers found deeper discounts online and at malls during the holiday season, as retailers tried to clear through excess inventory.
Consumer prices fell 0.1% in December compared with the prior month. However, for many Americans, the price of their favorite products hasn’t budged.
To show just how high our everyday expenses have become, Kentucky-based content creator Amy Way to Save shared a video comparing the checks of her typical groceries in 2020, 2022, and the start of 2023.
Americans feel this. A growing pessimism is one of the key findings of the fourth semiannual edition of McKinsey’s American Opportunity Survey (AOS), which explores in depth the country’s perceptions of the current and future state of the US economy.
People reported what seemed to be two approaches: some are spending more, and others are cutting back, with variation across categories of expenditure. Americans have increased spending on essentials such as groceries, utilities, transportation, housing, and healthcare but at the same time, many others are cutting back in many of the same categories.
What determines the approach? The answer is income. Those with less have slashed discretionary spending and, in some cases, essentials. Of those making less than $50,000 annually, 23 percent say they have reduced their grocery budget. By contrast, just 12 percent of those earning more than $100,000 annually have cut back.
It’s possible that the rising interest rate environment and increased reliance on debt financing may only grow financial difficulties for American households in 2023.
The near future isn’t promising much, either. According to the United States Department of Agriculture (USDA), all food prices are predicted to increase by 7.1%, grocery store prices are forecast to climb by 8.0%, and restaurant prices are expected to lead the way, becoming 8.2% higher.
When it comes to individual products, prices are predicted to increase for eggs (27.3 percent), other meats (12.8 percent), dairy products (8.0 percent), fats and oils (16.5 percent), processed fruits and vegetables (9.6 percent), sugar and sweets (10.6 percent), cereals and bakery products (12.0 percent), nonalcoholic beverages (8.7 percent), and other foods (6.8 percent).
However, beef and veal prices are predicted to decrease by 1.8% in 2023, pork prices should go down by 3.0%, and fresh fruits are expected to become 1.7% cheaper.
2023:
The near future isn’t promising much, either. According to the United States Department of Agriculture (USDA), all food prices are predicted to increase by 7.1%, grocery store prices are forecast to climb by 8.0%, and restaurant prices are expected to lead the way, becoming 8.2% higher.
But I keep hearing Biden has the best economy EVER.
The bananas are cheaper now that in 2020! All Hail Biden!
01/13/23 - $15.10
Looks like cornmeal and eggs make up the bulk of the price increase between the two.
always are in banana republics
Americans are too stupid to put it all together. Here in the blue part of Ohio they blame it on ALL politicians, with no recognition of what Democrats have done.
Chocolate ration increased to 25 grams.
Thank you, Big Brother Biden!
And that’s just for eggs, milk and butter! ;)
This is 50% inflation over three years. Imagine what effect that had on people’s savings accounts?
Savings accounts are myths from the before-time, before the one approved by 81 million people - somehow.
Lame attempt at humor.
Last week it was 28 grams. The new math in action.
Housewife does the job the media won’t.
Since I got my 1999 GMC Suburban in 2015, the gas gauge never worked. It has a 42 gallon tank, and I was filling it up when the tripmeter hit 200 miles. Less of a bite in the wallet.
I was keeping a log on my phone for how many gallons used on the tripmeter, gallons of gas, prices of gas and the dates of purchases.
$1.85 per gallon on 12-12-20
My last fill up?
$3.74 per gallon on 1-29-23
And they want us all to believe that a majority of Americans actually VOTED for this?!
Biden has never set foot in a grocery store, IMO.
This doesn’t even include the amounts of grocery that you get now. Prices have gone up and the weight/amount of what you get has also gone down. Take a look at the Oz’s printed on the packaging. Everything is less and now also costs more.
Also, just comparing prices is not accurate either because the price then is more than likely based upon a container size that is much larger than it is today.
Looking at the cereal boxes last week I pointed out to my wife that if the contents get much smaller we will be buying boxes of cereal that are the size of what we used to get in grade school.
The two tickets shown total two years, three months, and two days. That makes it even worse!
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