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The higher prices consumers are seeing today may not go away in the new year.
Key Point
- Consumers have been forced to spend extra on food all year round.
- Food prices may drop, but it’s not guaranteed.
- To save money on groceries, shop with a list to avoid buying things you don’t need and consider buying the foods you use most often in bulk.
There’s a reason so many consumers are grappling with very high credit card bills this year. Inflation has pushed up the cost of living across the necessities spectrum, and since early 2022, consumers are paying more for everything from apparel to gas to utilities.
Food prices have skyrocketed this year. In September, the consumer price index, which measures changes in the cost of consumer goods, rose 8.2% on an annual basis. Also, the food index rose by 11.2% in the same time frame.
Food prices, on the other hand, are likely to remain high in early 2023 and continue into the rest of the year. So far, the Fed’s rate hikes have done little to slow inflation, so there’s reason to think prices will continue to rise for some time.
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That’s bad news. But the good news is that there are a few things you can do to keep your supermarket costs down.
How to save money on groceries
In many cases, the simple act of looking after the groceries you need compared to what you already have in your home can save you money. That’s why it’s worth having a tight inventory system. Maintain a list of the different items you have in your refrigerator, freezer, and pantry. And it updates that list as items are depleted or added so you don’t buy stuff unnecessarily.
At the same time, do your best to plan your meals ahead of time and shop with a list instead of just skipping them. You can avoid doing it.
Finally, don’t underestimate the importance of tracking supermarket sales. Grocers typically update their circulars weekly. If you do not receive your circular by mail, you can usually access it online instead.
Consider buying in bulk
This year, many consumers are turning to stores like Costco to save money on grocery purchases by buying in bulk. If you’re worried about higher food prices in 2023, it’s an option worth considering.
That said, before rushing to sign up for a Costco membership, check out the bulk selection at your local supermarket. It may be a better bet because it doesn’t charge a membership fee.
Plus, there may not be a Costco or Warehouse Club store near where you live. I can’t.
Another good source for bulk food? Amazon. Consider looking for fresh foods that you use regularly. Also, you don’t have to be a Prime member to take advantage of free shipping from Amazon, as long as you meet the minimum order value (usually $25). That said, there are ways to cut costs by buying groceries in bulk and not paying extra in the process.
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