The inflation rate for groceries, or “food at home,” has been relatively low recently, with prices increasing by only 1.1% over the past year. However, since January 2021, when President Biden took office, grocery prices have surged nearly 21%. Every time Americans shop for groceries, they are reminded of inflation’s impact on their wallets.
Inflation has hit dining out even harder. Restaurant prices have risen 4.1% over the past year, significantly outpacing grocery store prices and overall inflation. Since 2021, “food away from home” prices have jumped nearly 22%.
Unfortunately, whether shopping for groceries or eating out, Americans are finding it increasingly difficult to find affordable food options due to rising prices.