Have you noticed your grocery bill has gone up even though you're buying the same amount of food?
You are witnessing the results of the country’s latest inflation surge.
Inflation means the items you bought last year cost more, and your money becomes less valuable.
I had to pay $10.99 for a bag of wild rice at Whole Foods. The 8-ounce bag isn't enough to produce a full meal.
Chicago Southsider dived into the data to see how much food prices have increased.
The Consumer Price Index (CPI) measures price changes over a period of time. I pulled up the latest CPI data (released 5/11/22) from the U.S. Bureau of Labor Statistics to see where we stand. The Bureau of Labor Statistics (BLS) gathers CPI information by collecting a sample of approximately a million prices per year.
For the 12 months ended April 2022, grocery prices moved up to 10.8%, representing the largest 12 month increase since November 1980.
I'm sure everyone is feeling this.
The last time we reviewed the CPI data was as of October 2021. Take a look at the difference below.
The increase in grocery prices was primarily driven by meat products in October 2021. The price of meat, fish, and eggs went up about 12% since last year. The price of beef increased 20.1%, while chicken climbed 9%.
The price of meat, poultry, fish, and eggs went up roughly 14.3% since last year. As you can see, the prices you saw last year aren't the same as the prices you see today.
If you're trying to save money, here are a few tips to save more money this holiday season.
It's time to get credit for what you already do. Every time you scan your grocery receipt using FETCH Rewards, you earn points.
Those points can be redeemed for your favorite gift cards, including Amazon.com, Instacart, Sam's Club, Walmart, Starbucks, and Whole Foods Market. You can also get discounts at your favorite restaurants, like Boston Market and Chipotle.
By scanning your receipts, you can also track how much you're spending at your favorite stores.
If your household income falls within the range, you may be eligible to receive Supplemental Nutrition Assistance Program (SNAP) benefits. The federal government administers the SNAP program.
Amazon allows SNAP recipients to purchase EBT-eligible items online. This includes groceries available on Amazon Fresh and Amazon.com. You can purchase the following items:
Fruits and vegetables
Meat, poultry, fish, and dairy products
Breads, cereals, canned vegetables, and pantry staples
Snacks, seeds, and non-alcoholic beverages
If you want to earn mega rewards this summer, consider getting a credit card rewards card.
Note: Make sure your financial foundation is in place before proceeding. Also, make sure you know the rules to the game.
When prices are going up, every penny counts. Your rewards points may be enough to cover your purchases.
For example, Capital One offers the "Purchase Eraser" as a rewards booster. If you have accumulated enough rewards dollars in your account, you can use the money to pay for your purchases.
Capital One Savor Rewards is offering a cash bonus of $200 when you spend $500 within 3 months of account opening. You can earn 3% cash rewards when you use your card for dining and select grocery stores. There is no annual fee. Before you apply, make sure you are aware of your credit status. This is a credit card for people with excellent credit.
If you want to build an 800+ credit score and turn your credit into cash rewards, join our next Masterclass! Send us an email at firstname.lastname@example.org for more details.
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