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American households are feeling the squeeze of inflation that has remained stubbornly above the Federal Reserve’s 2% target since the pandemic, and grocery prices have been a particular pain point in recent years.
The most recent consumer price index (CPI) data from the Bureau of Labor Statistics showed that overall food prices were up 2.5% over the last year. The BLS data showed that the food at home index was up 1.8% from a year ago, while the rise in the food away from home index was nearly twice as large at 3.5%.
Kelli Smith, executive director of financial planning at Edelman Financial Engines, told FOX Business that consumers can lower their grocery spending by planning ahead and doing something as simple as making “an old-fashioned grocery list” that revolves around the meal plan for the week ahead.
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“Consumers can also save by being flexible. If chicken is on sale instead of beef, or store-brand products are significantly cheaper than national brands, making substitutions can add up to meaningful savings over time,” Smith added.
“Buying staple items in bulk can also make sense, but only if they’re products your household will realistically use before they expire.”
Smith noted that many grocery chains offer digital coupons through mobile apps or loyalty programs, which can make it worthwhile to spend a few minutes reviewing available offers before heading to the store.
However, she cautioned that consumers should “avoid chasing deals that lead to unnecessary spending. A coupon doesn’t create savings if it’s for something you wouldn’t have purchased in the first place.”
Similarly, Smith said that rewards programs are valuable when they align with normal spending habits, including through using a particular grocery store or gas station given the fuel rewards, loyalty points or cashback programs on offer.
But she emphasized that “consumers should be careful not to let rewards dictate spending decisions” because going out of your way to do things like open store credit cards for rewards “can end up costing more than you save.”
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Ted Jenkin, president of Exit Stage Left Advisors, told FOX Business that consumers should “first and foremost, shop your pantry … check your refrigerator, your freezer and your pantry, and this will give you a list to say, ‘I don’t need to buy more of that, or I do need to buy more of that.'”
Jenkin added that consumers should try to only go to the grocery store once a week to stock up, rather than picking up a few items over multiple trips or stopping by there to get lunch from the hot food bar.
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Another tip Jenkin offered is to “check the unit price. Don’t assume that a bigger package is necessarily a cheaper package. Sometimes smaller boxes of stuff can be cheaper if you actually check the price on the label.”
Jenkin added that consumers should also be mindful of how they’re storing their food in their refrigerators to prevent it from going to waste, particularly with items like raw meat, milk and produce, given that each has unique storage needs that could lead to faster spoilage if not followed.
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