Nearly 50% Of People Have Cut Back On This Food After Inflation
According to the most recent Consumer Price Index published by the U.S. Bureau of Labor Statistics, the food at home index — basically, average grocery expenditures — went up 13% over the past year, the highest year-over-year increase in the past 43 years. The reasons for these rising food costs are well-documented. As Forbes Advisor explains, supply chain disruptions caused by the COVID-19 pandemic and the war in Ukraine, plus higher energy costs, have been the main culprits.
But for many American consumers, the reasons for inflation aren't always the most important. Much more crucial to consumers are the decisions that now have to be made at supermarkets and restaurants in order to stay within food budgets. Despite the fact that inflated food prices might be around for longer than any of us would like, people still have to eat. However, that doesn't mean that consumers have to continue spending money exactly as they did before. In fact, research indicates that many families are forgoing certain purchases. So, which foods have people cut back on buying due to inflation?
Among the most popular answers given to our recent Tasting Table survey was avocados, which 18.37% of our readers noted they've been buying less often. Avocado prices have eased of late, but they were at record highs earlier this year due to supply chain problems and other issues, per CNN Business. So, what was number one?
Rising steak prices are causing some shoppers to buy less
The number one food item people are cutting back on is steak, according to 48.13% of our respondents (296 votes). Steak prices have spiked precipitously in restaurants, notes Reader's Digest; and per Vox, the food items whose prices have increased the most over the past year, at least on a percentage basis, are steak's source — beef — as well as eggs, milk, and chicken. The price increases for these foods have even outpaced inflation. It shouldn't be shocking then, given these price jumps, that eggs were also represented in our survey, and that 7.97% of our readers are buying less of them.
Steak and avocados respectively rank first and second on our survey of foods people have been cutting back on due to inflationary price increases. Which food finished third? Bacon did, earning a whole 17.40% of the vote. This should not come as a surprise either, as the price of bacon recently hit a three-year high. According to The Food Institute, bacon prices per unit are up some 15.4% since last year.
Citrus fruits also made our survey, although only 4.72% of those polled said they were cutting back on these items. Meanwhile, bread finished last, as only 3.41% of respondents indicated a willingness to curb their purchasing of it.