Inflation cooled — but your grocery bill never did

The headlines say inflation is down, and politicians call it progress. But for most Americans, those headlines don’t make it past the checkout line. Prices may not be climbing as fast, but they never came back down. Grocery inflation cooled only after household budgets were scorched.

Before COVID-19, grocery prices were stable. In 2019, “food at home” inflation was just 0.7%. Then the pandemic hit: Empty shelves, labor shortages, and higher shipping costs pushed prices up 3.9% in 2020, 6.5% in 2021, and a staggering 11.4% in 2022 — the sharpest climb in four decades. Prices have since “cooled” to around 2% or 3% growth, but they’re cooling on top of a mountain. A $100 basket of groceries in 2019 now costs $125 to $130.

Gasoline

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