Rising inflation is prompting U.S. consumers to tighten their belts, including on food.

 

Rising inflation is prompting U.S. consumers to tighten their belts, including on food.  Sean Connolly, CEO of Conagra Brands, noted that Americans are "hunkering down" and buying less food but not eating less. Inflation reached a 40-year high of 8.6% in May 2022, but it has come down slightly to 8.5% as of July 2023. The cost of food increased by 10.1% in the past year, reaching a 42-year high of 10.4% this month. Sales at grocery stores have declined for 15 consecutive months, falling 1.3% in May 2022 and 2.2% as of this month. The average household is spending an additional $460 per month on food due to inflation.