When Will Iowans Finally See Some Relief At The Grocery Store?
Going to the grocery store in 2022 just wasn't any fun at all. That is because of the dreaded 'I' word. Inflation saw prices for food jump 7.9% last year, according to the U.S. Department of Agriculture. But things have to get better this year, right?
The Des Moines Register reports that the answer is complicated. The USDA says that prices for things like milk, eggs, and other food will continue to climb this year. But the good news, if there is any after being told prices are going to continue to rise, is that they will rise more slowly in 2023. Last year Iowans and consumers across the nation saw a 9.9% spike in the cost of food. The Register reports that was the largest since an 11% increase back in 1979. The USDA says the increase was five to six times the historic average. No wonder so many of us hated going grocery shopping.
The increased price of food weighs heavily on consumers. The Register reports that a new poll shows that 76% of shoppers express concern and 43% say they aren't sure they'll have the money for the food they need. Stores are worried that those numbers will cause consumers to cut back on what they spend, which will affect the bottom line of grocery stores.
The forecast for higher food costs will also extend to restaurants. The Register reports that the estimated rise in the cost of food at home will rise 8.6%, while a restaurant meal will cost around 8.3% more in 2023.