CONNECTICUT, USA — National data from the last few months shows inflation is cooling. Still, many people said their wallets are not feeling the relief at the grocery store. About 72% of people surveyed in an Axios Vibes poll by The Harris Poll said groceries are where they feel most affected by inflation.
Axios also crunched the numbers from government data tracking the price of a basket of groceries that cost $100 in December of 2019.
But, prices really took off in 2021.
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By the end of 2022, that bill would have been nearly $124. In December of 2023, that weekly bill would have been $125.51.
The year-over-year change in grocery prices peaked in August 2022 at 13.5 %, a modern high. That number decreased significantly, standing at 1.3 % in December 2023.
"You're going to buy a can of soup or a box of Cheerios? Those prices are already baked in. Any price increase from a year or two ago? They're going to stay like that. That's the new plateau. That's the new baseline." said Quinnipiac University Professor of Economics Mark Gius. "Yeah, they may not increase as quickly as the last couple of years, but they're not going to drop to where they were three years ago,"
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President Joe Biden recently took aim at grocery stores, blaming them for "ripping people off" with high pricing amid the continued inflation blame game.
Biden's remarks came during a speech at South Carolina’s First in the Nation Dinner in Columbia, South Carolina.
"Inflation is coming down. It’s now lower in America than any other major economy in the world," Biden said. "The cost of eggs, milk, chicken, gas, and so many other essential items have come down. "But for all we’ve done to bring prices down, there are still too many corporations in America ripping people off price gouging, junk fees, relation, 'shrinkflation'."
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Shrinkflation is the term given when items (mostly seen at the grocery store) shrink in size or quantity while their prices remain the same.
According to Axios, national data shows food inflation has settled at a steady but reasonably low rate in recent months.
"When they say inflation is coming down, that doesn't mean that inflation is negative or we're having deflation. All that means is that the price increase is slowing," said Gius.
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Angelo Bavaro is an anchor and reporter at FOX61 News. He can be reached at abavaro@fox61.com. Follow him on Facebook and X.
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