GREENSBORO, N.C. — Inflation may be falling, but groceries are still burning a hole in the pockets of many Americans. New reports show North Carolina families are spending about $266 a week on groceries alone.
Financial Literacy Author Ja'Net Adams breaks down ways to fight back.
Eating To Live:
“We all have to eat which means we all end up in the grocery store at least once a month,” Adams said. “Whether it is just you in your household or you have an entire family you have felt a change in your grocery bill in the last few years. That change has been the higher amount you are paying at the cash register. Let's talk about what is causing the high grocery bills and how you can fight back.
The Causes:
There are multiple reasons for your grocery bill being higher and each reason happened in different years.
“In 2020 it was all about the supply chain problems that were making it more expensive to get food to the stores,” Adams said. “In 2021 and even this year there was a bird flu outbreak that caused the price of chicken to go up, especially wings. Then there was inflation caused by the overspending of Americans in the last few years. The worst case is the greedflation of companies.”
Greedflation:
So, what is greedflation? Greedflation is when food companies know that all other causes such as supply chain, bird flu, and interest rates have all gotten better, but they choose to keep prices high because they know people will buy their products.
“These companies will make excuses like saying interest rates are high when in fact interest rates have dropped dramatically over the last year,” Adams said. “These companies are being greedy and taking advantage of customers.”
Fight Back:
So as a consumer how can you fight back against high prices?
“First and foremost, if you see a food item that continues to increase in price find an alternative,” Adams said. “Make these companies understand that there is a financial breaking point for you and other customers. Also, sign up for every grocery reward program and download their app. Grocery apps tend to have extra coupons and other savings to help lower your grocery bill. To save on your grocery, bill you will need to try different strategies.”
Ultimately, she emphasized once you find one that works continue to use it and save money each time you go to the grocery store.