Overview

• Americans are employing various strategies to cope with rising food costs, including meal planning, buying in bulk, and relying on homegrown or hunted food.
• Consumer spending on food has reached levels not seen since 1991, with households dedicating 11.3% of their disposable income to food in 2022.
• The cost of groceries has increased by 25.2% since February 2020, outpacing overall inflation and wage growth.
• High food prices are attributed to factors like labor shortages, supply chain disruptions, and companies raising prices beyond inflation rates.
• Despite the challenges, there is a modest forecast of grocery prices decreasing by 0.4% in 2023, offering some relief to consumers.