Americans Adapt to Soaring Food Costs with Creative Budgeting Strategies

As grocery prices continue to climb, households are dedicating a larger portion of their income to food, prompting a shift towards more economical consumption habits.

Americans are employing various strategies to cope with rising food costs, including meal planning, buying in bulk, and relying on homegrown or hunted food.
Consumer spending on food has reached levels not seen since 1991, with households dedicating 11.3% of their disposable income to food in 2022.
The cost of groceries has increased by 25.2% since February 2020, outpacing overall inflation and wage growth.
High food prices are attributed to factors like labor shortages, supply chain disruptions, and companies raising prices beyond inflation rates.
Despite the challenges, there is a modest forecast of grocery prices decreasing by 0.4% in 2023, offering some relief to consumers.