Inflation has had a noticeable impact on all of us in recent years.
According to experts, prices are currently decreasing. However, not everyone is experiencing this relief, particularly when it comes to buying essential items.
Channel 2’s Linda Stouffer had a conversation with shoppers and an economist to gain insights into the current trend in grocery shopping. They discussed the data and also explored how it feels to walk down the aisles of local grocery stores.
According to recent data from the U.S. Bureau of Labor Statistics, inflation is decreasing overall, which includes a decline in grocery prices.
Mark Hamrick, a senior economic analyst at Bankrate, believes that there is a noticeable decline in activity.
Hamrick, speaking to Channel 2 Action News, mentioned that prices have somewhat stabilized.
According to the most recent inflation rate report from the Bureau of Labor Statistics (BLS), there has been a decrease of 0.2% in the prices of groceries, also known as “food at home”.
Items such as bread, poultry, and eggs are now priced lower compared to this time last year. However, for a significant number of people, these reductions are not sufficient.
“I’m not sure if it’s getting cooler or not, but that’s just my opinion,” remarked Clint Higley, a shopper.
Laura Mitchell, like other shoppers, shares the same sentiment.
Mitchell expressed that things have remained relatively unchanged for a while.
Hamrick explained that there is a specific rationale behind this.
According to Hamrick, prices have experienced a significant increase of about 20% since before the pandemic. In particular, food prices have risen even more than that.
Shoppers like Higley have primarily felt the impact of this in their wallets.
According to Higley, she used to manage with $100 per week, but now, even with this job, she needs $150 per week.
Hamrick advises individuals to exercise patience, as adjusting prices to match the slower rate of inflation will take time. According to data from Bankrate, average hourly earnings have increased by approximately 4%, indicating that workers are making headway in keeping up with inflation.
