Food prices rose 7.7% between April 2022 and April 2023.
Although the April Consumer Price Index (CPI) shows inflation is moderating, rising 4.9% less than a year ago, food prices rose 7.7% between April 2022 and April 2023.
Adding to the impact of food inflation are economic factors like increased consumer credit debt, depletion of savings built during the pandemic, and cutbacks on pandemic-related government credits and subsidies. To manage their food spending, U.S. consumers are finding ways to manage higher food costs by shopping at value retailers, spending less on non-food purchases, switching to store brands, and canceling committed expenses, like subscriptions, reports Circana, formerly IRI and The NPD Group.