The recent rise in egg prices is all most people can think about, but the truth is grocery prices as a whole have risen significantly in the past few years.
according to the consumer price index, grocery prices have risen nearly 30% since just before the pandemic.
That can represent a significant portion of a family’s income.
Rising food prices have made regular grocery trips more expensive than ever.
“Labour costs, energy costs, and now you have this avian flu that has gotten out of control, that will affect food prices as well,” Chip Lupo, an Analyst for WalletHub, said.
According to a recent WalletHub study, Ohioans are feeling the burden, with groceries accounting for just under 2.2% of their income.
This is the 12th-highest percentage in the nation.
“The average median income in the United States is slightly higher, ranging from $70 to $75,000, while the average median annual income in Ohio is around $61,000, or close to $62, according to our most recent data. So, yes, that plays a significant role in that,” Lupo said.
According to Lupo, specific food prices in Ohio have remained relatively average when compared to elsewhere, but the impact on families extends beyond the state’s borders, with Ohio sharing more of the struggles of some of its closest neighbours.
“Looking at the southern tip of Ohio, which borders West Virginia and Kentucky, West Virginia had the second most, while Kentucky had the fourth most.
So, looking at it from that angle, you could conclude that in many of these border regions, they sometimes adopt the economics or even demographics of the neighbouring states,” Lupo explained.
Now, more than ever, shopping store brands or using coupons can really make a difference, according to Lupo.
Another way to save on groceries is to make meals based on what the store may be offering specials on.
If you use credit cards to get the rewards, try to pay it all off each month.
