The prices of groceries are up a whopping 13% over the last year and have increased by 0.7% again in the last two months.
Prices of common commodities such as wheat, grains, etc. have decreased however as a result of the ongoing conflict between Russia and Ukraine, the region responsible for the distribution of a significant amount of these products has been disrupted hence, these commodities remain volatile. The rates keep soaring, and let's be honest, they probably would keep doing so. I don't think a time would come when inflation isn't something to worry about. It's just part of everyday life as well as a measure of economic control. However, if the rates keep increasing at the current progression, it's highly likely we would hit a double digital yearly food inflation by January.
The behaviors of many Americans have been dramatically modified and the standard of living has fallen quite a bit as rent and medical prices have skyrocketed. However, we expect a breakthrough soon in the coming months and have been seeing the signs. Rent on new leases is decreasing quite a bit and according to pantheon macroeconomics, the sharp rises in medical and insurance premiums would soon be followed by a decline. It would be a slow pullback but as economics would have it. If you expect to maintain a steady consumer level you would have to balance or make a trade-off between your spending and saving habits. Cut back unnecessary spending, cut out unneeded groceries, reduce dine-out habits and focus on essentials.
