More than two-thirds of Americans are struggling to afford groceries as food prices continue to rise, according to new data.
Retail technology platform Swiftly reported Wednesday that 69 percent of shoppers say they struggle to pay their grocery bills after months of persistent inflation, and 83 percent now rely on some sort of coupons or loyalty program to put food on the table. study the true cost of the grocery store.
The study also pointed to changes in consumer behavior. About 74 percent of those surveyed said they had changed their grocery shopping habits in the past year, and 33 percent said they were shopping at the store more than in previous years.
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This year, the average price of daily necessities has increased, but the price of food is even higher.
The Labor Department’s latest consumer price index — which tracks the prices of several goods, including gasoline, food and rent — showed that prices rose an average of 7.7% annually in October, and rt neared a decade high. But food prices at home rose by 12.4 percent compared to the same month a year ago.
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Some staples rose by eye-popping amounts, with coffee up 14.8 percent, cereals up 16.9 percent and eggs up 43 percent.
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Swiftly’s analysis found that “the cost of food is becoming too expensive for the average American and is increasing due to record inflation and ongoing economic challenges” and “simply put, the cost of food is too high.”
Megan Henney of FOX Business contributed to this report.