Scrimping at the Supermarket
October 18, 2022
Thanksgiving is a month away, but many Americans will be putting less on the table this year.
Four out of five Americans say they are taking steps to reduce their grocery bill due to inflation — by buying cheaper brands or not buying certain products at all. Two of those five say they fear they will run out of food before they have enough money to buy more.
- A pound of butter costs $4.72, up $1.15 from one year ago.
- A dozen eggs costs $2.90, up $1.06 from one year ago.
- That 16-pound Thanksgiving turkey will cost at least $6.00 more than last year.
In fact, the average family of four can expect to spend about $1,800 more on groceries this year than in 2021.
Maybe it’s not too surprising, then, that Bloomberg economists now say there is a 100% chance of a recession within the next 12 months. Some analysts say the U.S. is already in a recession.
Are you cutting back at the supermarket? Do you think a recession is on the way?