TOP DOLLAR INVESTOR

HOW GROCERY PURCHASING POWER HAS CHANGED IN THE U.S.

If you’re feeling like grocery prices have inched up seemingly overnight, you’re not alone. The last time grocery costs spiked this much was in 1980.

Today, few seem to agree on what’s behind rapid inflationary growth. Some business leaders, politicians and economists link increasing wages, while others say pandemic stimulus checks issued to consumers and businesses play a big part.

For now, nearly everyone can agree that the result is the same: rising costs are hitting Americans’ wallets. An estimated 93% of U.S. adults surveyed said the prices of goods in their metro area increased over the last two months, according to the Census Bureau’s Oct. 5 Household Pulse Survey.

The same survey found that 83% of adults said they’re somewhat or very concerned about additional price increases over the next six months—an understandable reaction for anyone who has walked past a grocery store shelf recently.

Food at home, the term used by statistical agencies to describe grocery items purchased to eat at home, rose in price by 11.2% year over year in September 2022, according to the Bureau of Labor Statistics (BLS). The BLS gathers information about the prices of goods by sending researchers to visit retail stores in major metro areas and report the prices of commonly purchased items, including eggs, coffee, and meats.

Experian created a hypothetical basket of commonly purchased food items to illustrate how the affordability of essential foods has shifted in recent years for the American consumer.

This analysis uses price data from the BLS, wage data from the Census Bureau, and news reports on inflation. Continue reading to learn how food price inflation is hitting home across the country.

– 3 pounds of bananas – 5 pounds of oranges – 5 pounds of tomatoes – 2 loaves bread – 4 pounds of chicken – 12 eggs – 3 pounds of ground beef – 5 pounds of potatoes – 1 pound of coffee grounds – 2 gallons of milk

A typical weekly grocery basket

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