ORLANDO, Fla. – Earlier this month the Federal Trade Commission and the Department of Justice hosted their first ever public meeting of the Strike Force on Unfair and Illegal Pricing.
FTC Chair Lina Kahn says, “one of the top concerns I consistently hear about is high grocery prices.” During the meeting Kahn points to the pandemic as a big reason for those soaring prices. “Grocery prices skyrocketed during the pandemic, due in large part to the higher costs and supply chain disruptions. But we also know that in the years since, costs have fallen, and supply chains have improved. Many items, though, are still too costly, and many large grocery chains are still raking in enormous profits.”
Later in the meeting, DOJ Assistant Attorney General Jonathan Kanter discussed actions taken by his department to slow down rising prices, “the antitrust division stepped up to block mergers that would have resulted in higher prices for kitchen table staples such as lettuce and vegetables.”
According to the USDA, food prices peaked in 2022. Inflation has cooled since then, but the USDA says food costs are expected to rise again by just over 2% this year. The continued higher costs have forced Americans to make changes to their spending habits.
In June 2024, Savings.com researchers conducted a web-based poll of 1,000 U.S. adults and found that nearly 80% made cuts to their grocery lists.
The top 5 items Americans are buying less by percentage are:
- Candy (84%)
- Beef cuts (77%)
- Soda (75%)
- Chips (75%)
- Alcohol (74%)
The study also finds that many people are shifting where they spend their money.
The top 5 items added to Americans grocery lists by percentage are:
- Beans or lentils (40%)
- Canned goods (33%)
- Oatmeal (28%)
- Chicken or poultry cuts (24%)
- Pasta (24%)
The study then provides the most popular cost-saving methods Americans are using at the grocery store to help make ends meet:
- Clipping coupons - Most people use digital coupons now, but some still clip from newspapers.
- Buying in bulk - They most often do this at warehouse clubs like Costco, BJs, or Sam’s Club.
- Shopping store brands - 56% of people surveyed said they are buying more generic or store brands than they were just six months ago.
- Shopping sales and discounts - People said they plan their shopping trips around sales and special discount dates or purchase perishable items closer to their sell-by dates to save money.
- Signing up for rewards and loyalty programs - These programs are widespread and usually free.
- Meal planning - Creating a shopping list based on the ingredients needed for planned meals helps reduce impulse buying. (See number 8)
- Shopping at discount stores - like Aldi, Trader Joe’s, and Walmart.
- Avoiding impulse and non-essential purchases - That means sticking strictly to shopping lists and avoiding non-essential or luxury items. A word of advice: do not shop while hungry and, if you can, leave the kids at home.
- Home cooking and baking from scratch - such as bread, oat milk, and meals so they can buy fewer pre-made foods.
- Shopping different stores for best prices - Nearly 60% of those surveyed said they visit multiple grocery stores at least some of the time, using competitive pricing to their advantage.
- Shopping online and picking up curbside - Shoppers can manage their food budgets by seeing their total costs before checkout. More than one-quarter of people told us they shop online using curbside pickup at the grocery store and 44% use online shopping with shipping or delivery.
Other findings include:
- 75% of people are concerned about their ability to afford food. More than one-third are “very concerned” or “extremely concerned.”
- Women and young adults were more likely than men and older people to make grocery spending cuts
- $580 is what a typical household spends on groceries monthly
Remember, if you have a consumer or unemployment issue, email makeendsmeet@wkmg.com
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