If you’ve been to the grocery store lately, chances are you’ve paid a little more for your groceries. Food and other prices are on the rise.
“We had a suspicion that prices were going to go up. But I don’t think we realized how bad it was going to be,” said Patrick Penfield, Professor of Supply Chain Practice at Syracuse University. “The whole supply chain is increasing and nobody wants to absorb that cost. So unfortunately the person or people that are going to bear it are the consumers.”
According to the latest government data, the price we’re paying for groceries is up 3.5% over the last 12 months. For a family of four, that could mean as much as $500 more a year out of your pocket. Analysts say the pandemic, truck driver shortages, and severe storms are causing the prices to go up.
A number of popular companies have recently announced price hikes: General Mills, Hormel, and J-M Smucker.
Experts say try looking for sales, and don’t forget to check the smaller stores as well. There are apps like iBotta that will let you save money while shopping and will pay you with cashback. Another app called Basket will tell you which stores around you have the items you’re looking for at the lowest prices.