Although inflation has fallen for seven straight months, prices for one item that is a major part of every American's budget continues to rise: the food we eat at home.
Many households continue to feel the pinch, even as the overall inflation rate is slowly receding, thanks to lower costs for items such as used cars and airline fees. Seniors and low-income households are among the most hurt by stubbornly high prices in the grocery aisle. Although Social Security recipients received an
for 2023, the biggest jump since 1981, the bump still lags food costs, while the poor generally spend a greater share of their overall earnings on food. More seniors are pointing to food costs as an ongoing concern, according to the Senior Citizens League, an advocacy group for older Americans. "According to our latest survey, 63% rated food costs as the category of spending that increased the fastest in their household," said Mary Johnson, Social Security and Medicare policy analyst at the Senior Citizens League."This is up from 58% who reported food costs as their fastest-growing category of spending this time a year ago."The cost of groceries really has me speechless….i can’t even.
"Lower-income households experienced above-average inflation because of their higher proportional spending on food and housing," NY Fed economists wrote in a JanuarySince December, the bottom 40% of earners have felt the highest year-over-year inflation rate of any income group, they noted.
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