Food Costs Beginning To Level-Off

Americans are seeing a significant increase in the portion of their budgets dedicated to buying food according to a recent study from the Department of Agriculture.

New variables including climate change, war, disease, a rapidly rising cost of living, and surging corporate profits are pushing grocery costs higher and higher for Americans.

Food costs increased 25% nationwide in only four years, according to the USDA.

Utah, Nevada, Tennessee, Idaho, Maryland, Florida, and California have seen the largest increases in food spending on groceries since before the pandemic.

So far in 2024, encouraging trends in grocery store prices could spell relief for consumers. Price hikes have begun to moderate in recent months as consumers have stopped buying as much food as they were in recent years, but evidence suggests the new normal is taking a toll on American households.

A recent survey suggests that more than 1 in 4 households are skipping meals occasionally because of rising food costs. And 1 in 3 report that those rising prices are part of what’s pushing their essential living expenses to 60% or more of their incomes.

If there’s any promising news, it’s that price increases have slowed over the last year, so maybe there’s a glimmer of hope for the New Year.