Grocery prices still up as inflation cools off

Inflation is cooling off. Prices rose 4 percent in May 2023 compared to the year before according to new data released Tuesday by the US Bureau of Labor Statistics (BLS). That’s a sharp pull back from 8.6 percent in May 2022.

Although high prices overall are cooling off, putting food on the table is still busting budgets.

Juan and Gloria left Walmart with a full cart of groceries on Monday. That cart used to be even fuller but the increasing prices up and down the food aisles mean they’ve had to skip out on some items.

“We try to save as much as we can,” Juan and Gloria said. “There are some things we prefer not to buy like we used to.”

BLS data shows food at home rose 5.8 percent in May 2023 compared to the year before. It comes as no surprise to Juan and Gloria.

“Just manage the budget,” the couple added.

It’s no surprise to WINK News Consumer Reporter Andryanna Sheppard, either. The sampling of product’s she’s followed at the same Fort Myers Target, Walmart and Publix have mostly increased over the last nearly two years.

Honey Nut Cheerios at Target went up 50 cents in June 2023 to $3.99. At Publix, a loaf of Nature’s Own Butter Bread is $4.11. That’s about 30 cents more in June than in May. A carton of 18 eggs at Publix, though, dropped down more than a dollar to $3.61. Nothing on Sheppard’s list increased at Walmart. In fact, 18 eggs there cost $1.83. A pack of 36 eggs were $3.58.

Juan and Gloria plan to stick to their grocery lists to keep as much money as they can in their wallets.

“We used to buy more. Now we buy what we consider what we need for the week,” they said.

So when will prices go down? The Federal Reserve expects inflation overall to level out by the end of 2024. It has raised interest rates 10 times since March 2022. The Fed is expected to announce Wednesday if it’ll raise interest rates another time but experts believe it could announce a pause in rate hikes.