VIRGINIA – While it’s been tough getting everything you need at a good price at the grocery store lately, economists say there may be a light at the end of the tunnel.
Virginia Tech Economist Jadrian Wooten said prices typically increase at about 2% per year, but that’s usually low enough that most people don’t notice it.
However, it hasn’t been like that lately at all.
“What we’ve seen over the past couple of years is that prices were increasing by 7, 8, 10, 12% depending on certain items,” Wooten said. “Prices are increasing slower than what they were before. Slow increase is okay. It would actually be bad if prices were falling.”
The cost of putting food on the table is down. Grocery prices fell in March, which is the first decline since 2020, according to the Bureau of Labor Statistics.
While the cost of fish, eggs, poultry, along with fruits and vegetables dipped, bakery items, cereals, and non-alcoholic drinks are among the products that did become more expensive.
Virginia Egg Council Consumer Affairs Professional Mary Rapoport has some ideas for ways to manage our budget.
“I don’t see food prices going dramatically anytime soon,” Rapoport said. “Never buy fresh foods other than what your family can eat.”
Another tip — be careful when buying in bulk, and avoid unnecessary items.
“Don’t waste your money on things that are ridiculous like soda,” Rapoport said. “Keep that as a treat, everybody has times for treats but keep that as a treat occasionally and then for pastries again keep those for treats.”
Where you shop matters, too. We checked in with three major grocery stores in the area to see how prices stack up for staple items.
For a gallon of milk, a pound of ground beef, dozen large eggs, and a loaf of bread, before tax it was $13.51 at Walmart, $14.42 at Food Lion, and $16.66 for Kroger.