The latest CPI reading is expected to show that consumer prices grew 3.3% in July from a year ago, indicating a slight increase from the previous month. Despite this, prices remain high and Americans are feeling the impact. Although grocery prices have fallen in recent months, it has not been enough to offset the overall increase in prices over the past two years. Since the start of the pandemic in February 2020, the cost of food at home has risen by more than 23%. Unfortunately, wages have not kept up with these rising prices.
Grocery prices have fallen in three of the last four months, based on the CPI data, but hardly enough to make a dent after two years of increases. Since February 2020, when the pandemic began, the cost of food at home is up more than 23%.
“People grumble when they get to the grocery store that everything is so expensive. I’m very much one of those people,” said Jennifer Lee, senior economist at BMO Capital Markets. “You just pay for it because you have to eat.”
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