Inflation still hangs over the heads of many Americans as they head to the grocery store.
A recent Axios Vibes survey found that 59% of respondents felt “angry, anxious or resigned” while grocery shopping, with anger being the most common emotion. Seventy-two percent of respondents also said that food is where they feel the most effects of inflation.
Although inflation has largely fallen from record levels in 2022, prices remain significantly higher than before 2020. According to data from the Bureau of Labor Statistics, Americans are expected to spend approximately $125.51 on food that would have previously cost $100. in December 2019.
Most Americans reported having negative feelings when shopping for food. (iStock)
In December 2023, inflation, in fact, increased between 0.3% and 3.4% compared to the same period of the previous month. Although it is still significantly below its peak, it is still well above the Federal Reserve's ideal 2% target.
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Fox Business calculations found that since the beginning of 2021, food prices have increased by 33.7%, housing costs have increased by 18.7%, and energy prices have increased by 32.8%. Moody's Analytics also reported that Americans spent $211 more per month compared to the same period last year.
Overall, Americans now pay an average of $1,020 more each month compared to the same period two years ago.
Inflation rose 0.3% to 3.4% in December. (I'm in stock)
In a national Fox News poll conducted in November, 68% of voters reported they were unhappy with how things were going in the country and 78% said the economy is in poor shape since President Biden took office. . The figure included 61% of Democrats.
Only 14% said they received financial aid during the Biden administration.
Biden has frequently touted the “Bidenomy” and touted the recent December numbers as a sign of economic improvement.
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“If they realize it, they feel a lot better about how the economy is doing,” Biden said. “What we haven't done is let them know exactly who made the change… Everyone is doing better and they believe it. They know it. And it's just starting to sink in.”
Biden visited several small businesses to promote his Bidenomics economic plan. (MANDEL NGAN/AFP via Getty Images)
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