Food and Energy Costs Increase
Food and energy are only two costs that have shot up recently. The Consumer Price Index for April showed food prices up 9.4% and energy costs up 30.3% from this time last year. Americans are taking a second look at their monthly budgets and becoming creative in purchasing decisions.
More Plant-Based Options Being Considered
Over half (55%) say rising meat prices have prompted them to consider plant-based food and dairy options. 52% also say they are making fewer trips to the grocery store, and shopping for generic brands is more manageable (45%). Lastly, 40% of respondents say they are entertaining at home instead of going out.
Inflation is Here for Summer
As the flames of inflation turn red-hot, the average American is spending nearly 40% more on food and energy than last year. Creatively saving money is in the minds of many Americans, and that number is sure to climb as summer nears.