Fuel prices may be easing, but grocery costs are up the most since 1979
CBSN
Although inflation eased last month, Americans aren't seeing any relief in the grocery aisle. Food prices jumped 13.1% in July, the biggest one-year increase since March of 1979.
Annual inflation slowed in July to 8.5%, from 9.1% in June, as gasoline prices dropped. But costs for food at home bucked the trend, increasing at a faster rate in July from the previous month.
Americans say their top concern is paying for everyday expenses such as food and gas, according to a recent survey from New York Life. One way people are coping is tapping their savings. Consumers are also changing their habits in buying groceries, such as by shifting to cheaper brands at the supermarket, noted Neil Saunders, managing director of GlobalData.
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