Americans spent a lot of money on groceries over the past year—and it isn’t just because they were eating more meals at home. According to the Bureau of Labor Statistics, food prices jumped 3.9 percent in 2020, nearly triple the rate of inflation.
Unfortunately, this trend seems poised to continue. The US Department of Agriculture estimates grocery bills could increase by another 3 percent in 2021, while some experts are betting on even longer-term problems.
“I think food prices are going to continue to increase for probably a good year, year and a half,” warns Phil Lempert, founder of SupermarketGuru.com.
Shoppers are already feeling the crunch. Long Island resident John Kermaj recently told NBC News, “We used to buy this stuff for $30. Now it’s $60.”