Photo: Moment RF
More than 70% of Americans say that the grocery store is where inflation hits them the hardest, and people are beginning to sacrifice some of their favorite brands in order to make ends meet.
Economist Vance Ginn told KTRH that people are switching to off brand, or store brand items to reduce their grocery bill, and some are even switching to discount stores like Doller General. While making these changes can lead to savings of up to 40%, that still might not be enough.
The fact that housing and energy costs are still high continues to be a problem for Americans living paycheck to paycheck, and it's much harder to save money there. Ginn says, "It's difficult if you're renting an apartment, to just jump to another apartment. And those prices might not even be going down around you."
Fewer substitution options for housing and energy, have caused prices in those areas to stay higher, for longer.