Grocery and restaurant prices rise, average household paying $296 more a month
A new study shows filling up the grocery cart for your family could cost some shoppers hundreds of dollars.
Posted — UpdatedA new study shows filling up the grocery cart for your family could cost some shoppers hundreds of dollars.
The figure is based on the latest reading on consumer prices, which rose 7.9% in February compared with a year ago, according to the U.S. Department of Labor.
The average U.S. price of chicken breasts just rose to $3.93 per pound compared to last week's $3.14 price. A year ago, the price was $2.48.
Higher costs are impacting restaurants, too, as 89% of small business owners report they increased their prices to counter inflation and more than half of restaurants responded they are struggling to get the items they need due to supply chain shortages.
Additionally, people are eating out less and canceling monthly subscriptions.
Experts believe this is just the beginning of a rise in prices, saying hardships could last until next year.
The WCNC Charlotte article lists some ways consumers can save money, including:
- Plan ahead -- be strategic about using your car to avoid going out when it's unnecessary.
- Buy wisely -- consider buying items in bulk from warehouse stores and scanning ads for coupons.
- Check your budget, eliminating memberships or other costs you don't need.
- Stay out of credit card debt, because interest rates are also increasing.
- Don't stop investing in your retirement account.
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