(WTNH) – The Federal Reserve’s inflation report has consumer prices now over 9 percent, which is a 40-year high.
News 8 looked into the inflation data and how people can keep their grocery bills down.
The Tops Supermarket owner in Plantsville continues to be surprised by the drastic rise in food prices with record-high inflation as the culprit. The continuous price acceleration is crushing consumers, especially those in low-income areas spending much more on essentials.
“Big time, I mean gas, fuel for the house, it just hurts, it really does,” said Randall Marek.
Randall Marek lives on a fixed income in his retirement, so he and his wife can’t eat the same way with inflation this bad.
“Before I used to have steak maybe twice a week, now I have hamburgers,” Marek said.
It’s not just inflation to beware of at the grocery store.
“Here is your standard ‘shrinkflation’. The thinner the box now,” said John Salerno, owner of Tops.
You can cut back on your expenses by being a savvy shopper.
“Hamburger is still almost the same as it was a year ago. You know, so there are bargains out there,” Salerno said.
According to Consumer Reports, you can save on average 25% with the store brand. News 8 put that to the test by purchasing mayo, ketchup, peanut butter, ice cream, and pasta sauce. It was just over $23 for the name brands. Then News 8 purchased the same items but in the store brands. It came up to $16.25, which is a 30 percent savings.
“I actually compared the taste of these items at a seminar, and no difference,” Salerno said.
Some other grocery tips are taking advantage of the sale flier at the entrance, bulk up on sales, and when comparing items, check the price per pound. With careful planning, you can lessen the blow from inflation.