While inflation has cooled over the past few months following interest rates that exceeded 8% shattering records, daily goods have yet to return to normal values.
Groceries, one of the top listed household expenses aside from mortgage or rental payments and health insurance premiums, has seen numbers fluctuate over time. However, when it comes to balancing monthly costs households can't seem to catch a break. With costs nearing 40% higher since the same period five years ago, consumers are finding that they are getting a lot less bang for their buck.
According to reports, consumers are paying an average of $600 dollars to purchase goods such as food items and household necessities. For a family of six or more, these costs get even higher, causing less room for outings or minor monthly splurges.
These price changes are not only hitting the average consumer, but retailers, wholesalers, and farmers as well due to weather conditions, and recurring illnesses in animal products and produce items.
Meat production has been lower as additional price hikes are expected ranging from 5 percent to nearly 8 percent as demand outpaces available supply. In addition to meat prices, eggs are finding themselves back in the spotlight as increases are coming due to a recent avian flu outbreak.
Some may seek to put much of their expenditures towards eating out, however those prices aren't fairing much better. The average price of a takeout meal in high-cost-of-living areas is $20.00 including tips and still hovering around $10.00 in most other cities.
As the country deals with tipflation, less savings, and having to rebalance budgets, the price of food is going to be lowered anytime soon.