50% of Americans Say Their Biggest Budget Expense is Food Despite Inflation Slowing

gobankingrates ^ | May 10, 2023 | ёl Bizouati-Kennedy

[libh8er]

The quality of restaurant food has also taken a hit. It costs more and tastes like ****.

[libh8er]

I don’t know if this is going to reverse. If people get used to the higher prices and continue buying as before, stores will see no reason to lower prices after inflation comes down. If that ever happens.

[RomanSoldier19]

[Tilted Irish Kilt]

Prepper ping - Food cost is somewhat declining; interest and mortgage rates remain high
Avoid needless debt and have cash 'in reserve' for emergency conditions (recommend 1-3 month$$ ) as manufacturing and retail sales continue cut-backs, and are in decline

(from the article):" Inflation continued its steady descent in April, standing at 4.9%, and the overall food index remained unchanged for the month.
Some food groups finally saw some decreases, according to the Bureau of Labor Statistics’ (BLS) Consumer Price Index (CPI), released May 10."

"Consumer Price Index: Inflation Slows to 4.9% as Food Prices Finally Begin to Fall "

"This latest set of data will be welcomed news to consumers, as groceries take out a big chunk of paychecks every month.
Indeed, almost half of Americans (48%) said their grocery costs are eating up most of their monthly budget,
even before utility bills (38%) and credit card debt (37%),
according to a survey conducted by OnePoll and UserTesting and reported by Talker."

(My Comment): As noted by many of the posted comments, mortgage payments make up the largest cost for a family
Mortgage interest rates are high, and there is no immediate relief in sight .
If you don't need to move, stay where you are , or look for more affordable housing; relocation at this time is not advised.
Defaults in leased vehicles continues, thus increasing the potential for "dealing" future used cars this Fall.

[Justa]

It used to be PX/Commissary prices were on parity with Wal-Mart but in lesser variety and quality. Now, what costs $200 at WM costs $120 at the Commissary

[Bonemaker]

Inflation, gouging or a combo...still strong.

[kaktuskid]

Most fast food is mediocre at best. The difference is that fast food was mediocre but cheap in the past..not anymore. Now it is mediocre, expensive food. Which is why Burger King and Hardee’s are having problems.

[Tilted Irish Kilt]

bgill :" My biggest budget expense is the 50% property tax appraisal this year.
The cheapo store brand bread has gone up 50% "

Wait until the dust settles on the State budgets when they realize the cost of providing all these services to these illegal migrants ?
Some cities are actually panicking !
This includes so called "Sanctuary Cities" that are now being 'over-run' (hypocrites) ; NIMBY (Not In My Back Yard).
Even New York City is considering running busses into Broome County, Binghamton to house migrants in motels/ hotels
How are they going to pay for housing these migrants , other than raising the property tax rates even further ?

[1Old Pro]

The difference is that fast food was mediocre but cheap in the past..not anymore.

True, paying $12 for a burger "meal" is highway robbery. $5-6 is about right.

[Mouton]

And don’t florget the packaging keeps getting smaller!!

[mikelets456]

50% of Americans struggling with the cost of inflation....will also vote for the Ds that are responsible for said inflation....again.

[mewzilla]

We spend more on taxes than food.

Meanwhile...

Tom DiNapoli
@NYSComptroller
State tax collections for April 2023 totaled just over $10.9B – $7.2B, or 39.9%, lower than a year ago.
osc.state.ny.us
New York State Financial Reporting
6:40 PM · May 15, 2023

[Openurmind]

I was thinking the same thing. Can’t we just get a headline without throwing in the gaslighting BS?

[ansel12]

I’m curious about the price of grits, the 5 pound bag at Walmart went from $2.78 to $2.98, to about $16.00.

[Keyhopper]

Credit cards are closing accounts, cutting limits, and increasing minimum payments. People that are using them to stay afloat are going to get hammered.

[Georgia Girl 2]

Yes I read that there is going to be a mass default on credit card debt.

[Texas resident]

Yep. Not that long ago I could get a cheeseburger fries and a drink for about $5.50. Now the same meal is $9.50.

[piasa]

I don’t know what products they think have falling prices. Everything I buy is as high as ever.

[Keyhopper]

Credit cards, auto loans, homes, commercial real estate, local banks.
They won’t approve HELOC now and if you’re not using it, they’ll close it.

[Boogieman]

Maybe because inflation statistics have been gamed for 40 years to exclude food, and other monthly expenses that constitute the vast majority of the public’s household expenses?