This Is How Much Grocery Prices Have Actually Risen, New Study Says
If you've shopped at any grocery store lately, you probably noticed the receipt total is higher than it has been throughout the pandemic. Thanks to the seemingly never-ending supply chain problems, plus inflation hitting record highs, major food companies have increased the prices of their beloved goods… which means you've been paying more. But exactly how much more?
New data from customer data company dunnhumby based on a survey of consumers between Jan. 25 and Feb. 8, 2022 shows that groceries are going up in price, but shoppers believe costs are higher than they actually are, as per Winsight Grocery Business. The current inflation rate is around 7%, but people falsely believe it's 10% higher than that.
Related: For more grocery news, here are 6 Things You'll See at Costco This Year.
Big name food manufacturers like Kraft and Mondelez are raising prices to match inflation right now, but with shoppers assuming those prices are 17% higher than normal, there could be issues that arise should prices go up even more, says Grant Steadman, the North American president for dunnhumby.
"Americans' belief that food prices are rising more than twice as fast as they actually are should concern retailers, manufacturers and the government alike," he said. "This could diverge further, particularly if the security situation in Europe worsens and further impacts energy and commodity prices globally."
There is good news though—there are two grocery chains that are neck and neck for the title of the cheapest supermarket in the country. ALDI, though, is pulling through at the moment, with prices a few cents cheaper than Walmart.