Have grocery prices gone up this month?

Good news for your wallets.

Grocery inflation has cooled to 1.3% in December 2023 compared to the year before, but that doesn’t mean your eyes aren’t popping out of your head at check-out.

We’ve experienced a lot of sticker shock trying to put food on the table over the last couple of years.

But is there hope for 2024?

FGCU economist Dr. Victor Claar said although inflation isn’t at record highs anymore, that doesn’t mean prices are coming down.

They’re still going up, just not as fast.

“Prices are at an all-time high,” Claar said.

“Should we get used to these prices?” asked WINK News consumer reporter Andryanna Sheppard.

“Yes, these prices are the new normal,” Claar said.

For more than two years now, Andryanna Sheppard has tracked the same ten grocery items at the same Publix, Walmart and Target.

Nature’s Own butter bread has only gone up.

In January 2022, a loaf was $3.44. It went up about 40 cents a year later. Now, a loaf is $4.11.

It’s a different story for groceries over at Target and Walmart. They look to be coming down.

“Back in January 2022, this 18-count carton of eggs at target was $2.79. A year later, in January 2023, they jumped to $4.39. Now they’re cheaper than they were two years ago. They’re down 10 cents to $2.69.

A gallon of milk from Walmart in January 2022 would set you back $3.88. A year later, $3.22.
Now, a gallon cost $3.16.

It’s only six cents, but at least dairy isn’t milking more out of your wallet.

The Federal Reserve raised interest rates 11 times in an effort to cool inflation down.

The board initially thought it could stop raising rates and potentially cut them later this year, but now that overall inflation went up to 3.4, another interest rate hike is possible.

That will impact your credit card mortgage and car payments.