INDIANAPOLIS — If you are one of the many Americans suffering from sticker shock in the grocery aisle, economists say you shouldn't expect relief anytime soon.
Food commodity prices have already risen by 6% this year. Unfortunately, economists expect prices to continue to climb.
In a report to its clients, economists with the mighty Goldman Sachs predicted food prices at grocery stores will increase between another 5% to 6% this year.
This news comes after a similar increase last year, when grocery store prices jumped 6.5%.
"Everybody can attest to the fact that we’re paying more than we’ve ever paid before for basic necessities,” market analyst Bill Dendy told WCNC.
Dendy said the squeeze can be felt across every aisle. Meats, poultry, fish, and eggs were nearly 12% more expensive in November of 2021 than in the year prior, according to the Consumer Price Index.
“We’re finding it in the meat, finding it in the milk section, finding it in the produce section, it’s across the board," he said.
So who's to blame? Goldman Sachs and Dendy agree that the rise is due to pandemic-related supply issues. Goldman Sachs also noted high labor costs and skyrocketing prices for things that are necessary for farmers, like fertilizer, only make matters worse.
This has all helped contribute to the highest overall rate of inflation the U.S. has seen in 39 years.
There are a few ways you can save money at the grocery store.
First, before buying anything, make a list of what you need and start watching sales. Flipp is an app that lets you view store circulars in one place.
If you decide to buy food early, pop the items in the freezer. The USDA's app Food Keeper tells you what you can freeze and for how long.
Then there are coupons and cashback apps.
Coupons can be found on store apps and cashback apps, like Ibotta, in the form of rebates. Depending on the promotion, you may be able to stack the deals.
While 70 cents or $1 back per item may not seem like a lot, it adds up when there are more than 20 items in your cart.