Persistent inflation keeping grocery prices high for consumers

Although inflation has considerably decreased in other areas of the economy, persistent inflationary pressures in the US economy have kept food prices high.

Consumer price index (CPI) data from the Bureau of Labor Statistics for January showed that costs for food at home,

which is defined as food purchased from a store and prepared at home, increased 11.3% from the previous year.

The overall inflation rate, which was 6.4% year over year as of January and was down from a 40-year peak of 9.1% in June 2022,

is significantly higher than that amount. Low-income and fixed-income families are particularly hard-hit by the rising cost of consumables.

Even with the 8.7% cost-of-living-adjustment (COLA), which went into effect in January 2023 and is the greatest since 1981 and

increased the average monthly benefit by roughly $140, Social Security recipients still have less money available for groceries than they did a year earlier.

Notwithstanding the Federal Reserve's interest rate increases, which are meant to gradually lower inflation to the Fed's goal rate of 2%,

inflation may nonetheless linger in the economy. Following an unexpected fall of 0.1% in the December reading,

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