If you think your grocery bills are higher than you remembered them being, it’s not your imagination.
The Wall Street Journal points out that food is costing more than it has in 30 years.
The publication notes that while overall inflation numbers have eased through 2023, food costs are up 1.2% if you’re shopping for grub at the market and as much as 5.1% in restaurants; restaurant and food company execs reportedly told the WSJ they’re facing rising labor costs and higher prices for ingredients like cocoa.
The paper quoted the most recent U.S. Department of Agriculture data on the subject, showing Americans spent 11.3% of their disposable income keeping their bellies full in 2022 — the most they’ve spent since 1991.
The paper says fast-food giants like McDonald’s and Wendy’s have pledged to offer deals to give patrons some relief.
Apparently, Americans are going to have to either tighten their belts, or their wallets, according to Steve Cahillane, chief executive of cereal and snack company Kellanova. “If you look historically after periods of inflation, there’s really no period you could point to where [food] prices go back down,” he says.
“Just like a gallon of gas, it becomes the new price and people get begrudgingly used to it,” Cahillane adds.