Contributed by Suzanne Bartholomae
Inflation has hit America’s dinner table. Consumers are paying 11.9% more on groceries now than last year at this time. Supply chain shortages, bottlenecks in shipping and transportation, and a tight labor pool have all led to rising food prices.
Inflation means the buying power of your money is decreasing. To fight inflation, build an inflation fighter budget with The Consumer Price Index Inflation Calculator, www.bls.gov/data/inflation_calculator.htm, or use this cutting expenses tool, files.consumerfinance.gov/f/documents/cfpb_your-money-your-goals_cutting-expenses_tool.pdf. Inflation won’t last forever; in the meantime, be proactive in your fight against rising food costs with these tips.
- Make a food budget using the budget tips from Spend Smart. Eat Smart., spendsmart.extension.iastate.edu/.
- Make a grocery list before you go to the store.
- Plan menus—preferably for an entire week, but even a few days is recommended.
- Compare prices between stores; changing grocers may save money.
- Use coupons, but only on products you already use.
- Shop sale items and substitute ingredients you find on sale.