More Americans are cutting back on groceries to save money as food costs climb, according to a Morning Consult survey.
According to a study released on Monday by Morning Consult, 15% of grocery shoppers in October 2021 said they "frequently" bought fewer items to save money, down from 24% in September 2022. The biggest percentage of individuals earning less than $50,000—up from 16% to 27% last year—is followed by those earning between $50,000 and $99,999—21%, up from 15% last year, and those earning $100,000 or more—19%, up from 13%.
According to survey researcher Emily Moquin, "The unrelenting price increases are forcing shoppers to evaluate their spending, with many only buying those items they deem necessary for a given trip." On the plus side, educed demand from customers limiting their purchases should eventually rein in rising prices."
U.S. inflation in the past year
airline tickets: +43%
health insurance: +28%
hot dogs: +17%
pet food: +14%
— Jon Erlichman (@JonErlichman) October 13, 2022
Investor expectations were surpassed in September by the Consumer Price Index (CPI), Produce Price Index (PPI), and Personal Consumption Expenditures (PCE) price index. The CPI released by the Bureau of Labor Statistics reveals that food costs increased by 13.0% yearly and 0.8% monthly.
The Wall Street Journal reported on Sunday that 63% of economists, the highest percentage since July 2020, predicted a recession within the next 12 months. Compared to a 60% possibility in a Bloomberg survey, economists Anna Wong and Eliza Winger at Bloomberg predicted a 100% danger of a recession by October 2023.
A KPMG survey found that more than 90% of CEOs of large American companies (those with annual revenues of more than $500 million) anticipate a recession in the coming 12 months. Of the 1,325 CEOs surveyed, more than half are considering layoffs.
The preceding is a summary of an article that originally appeared on DAILY CALLER.