Connect with us

Published

on

Soaring grocery bills and restaurant tabs are eating up more of Americans’ paychecks than they have in three decades, according to the federal government.

In 2022, US consumers spent 11.3% of their disposable income on food as raging inflation jacked up prices on everything from bacon, eggs and milk at local supermarkets to burgers and burritos at fast-food joints, according to data from the Agriculture Department.

That’s the most since 1991, when President George H. W. Bush was ramping up the first Gulf War, Nirvana’s “Nevermind” was topping the charts — and food purchases accounted for 11.4% of shoppers’ disposable income, the USDA said.

The problem is showing no signs of letting up as restaurants, retailers and manufacturers alike continue to grapple with soaring labor costs and the price of key commodities including beef and cocoa continues to ratchet higher.

According to the USDA, food-at-home prices increased another 5% last year compared to 2022 — or double the historical average rate at which retail food price inflation rose per year between 2003 and 2022.

Recently, those increases have slowed — up 1.2% in January compared with a year ago.

Still, that’s leaving shoppers with punishing tabs for everything from meat to produce to spaghetti sauce.

Meanwhile, “away from home” food prices at restaurants surged a staggering 5.1% over the same time period, according to the Consumer Price Index.

In 2022 and 2023 it was boom times for restaurants, which gives them latitude to raise prices,” Moody’s chief economist Mark Zandi told The Post.

Fast-food prices shot up even more — 5.8%, according to the government data — a trend that’s set to continue after 22 states raised their minimum wage last month.

Earlier this month, Chipotle said it will be forced to further raise prices as California after a $20-an-hour minimum wage law takes effect there in April.

The menu hikes are already taking a toll, with McDonald’s admitting this month that customers making less than $45,000 per year are eating at home more frequently as grocery prices come down.

I think what youre going to see as you head into 2024 is probably more attention to what I would describe as affordability, McDonalds chief executive Chris Kempczinski said on an earnings call with analysts earlier this month.

But Zandi is skeptical whether restaurants will lower their prices.

Businesses really dont want to cut prices, Zandi said. They will do it if demand is falling and they have no options, but the more palatable strategy is to hold the line until affordability is reestablished.

Meanwhile, corporate profit margins economy-wide have been rising, Zandi said.

Food prices were thrust into the spotlight on Super Bowl Sunday when President Joe Biden posted a video to social media in which he called out snack companies for “shrinkflation.”

“Some companies are trying to pull a fast one by shrinking the products little by little and hoping you won’t notice,” Biden said in a video posted on X, formerly known as Twitter, ahead of Super Bowl LVIII.

“Give me a break. The American public is tired of being played for suckers,” he said.

Biden, who offered no solutions or policies to address the practice, did not name any specific companies but several brands were shown in the video, including Gatorade, Doritos, Breyers and Tostitos.

We appreciate that the President has to deflect attention away from inflation that has lingered during his administration, said David Chavern, president and CEO of the Consumer Brands Association, in a statement.

Chavern added that the group would like to work with Biden on real solutions that benefit consumers.

Last year, the prices for fats and oils rose by 9% while the cost of sugar and sweets jumped 8.7%. The rate of price increases for cereals and bakery products stood at 8.4% last year.

The only food item that saw its price decline last year was pork, which was 1.2% cheaper compared to 2022, according to USDA data.

Meat prices grew but at a slower pace than their 20-year historical averages. Beef and veal prices rose 3.6% while eggs were 1.4% more expensive last year compared to 2022, the USDA said.

The cost of fresh fruits rose 0.7% while fish and seafood prices ticked up 0.3%.

With Post Wires

Continue Reading

Sports

Ohtani clubs 2 HRs, now tied for MLB lead at 10

Published

on

By

Ohtani clubs 2 HRs, now tied for MLB lead at 10

LOS ANGELES — Shohei Ohtani went 4-for-4 with two home runs, and the Los Angeles Dodgers beat the Atlanta Braves 5-1 on Sunday afternoon to sweep the three-game series.

Ohtani launched a hanging curveball from Braves started Max Fried 412 feet over the center-field fence for a two-run homer in the first inning. He added a pair of singles in the third and the sixth before leading off the eighth inning with a 464-foot blast off reliever A.J. Minter deep into the left center field bleachers.

It was Ohtani’s first multihomer game with the Dodgers and the 17th of his career. He is now tied with Atlanta’s Marcell Ozuna, the AngelsMike Trout and the OriolesGunnar Henderson for the major league lead with 10 home runs this season.

“I just feel like we’re overall playing really well,” Ohtani said through interpreter Will Ireton. “So that’s really helping me have quality at-bats. Just feeling good overall.”

Ohtani’s 25 extra-base hits are tied for the second most through the Dodgers’ first 40 games of a season since 1900, according to ESPN Stats & Information research. (Adrián González had 26 in 2015.)

Ohtani’s four hits also tied a career high. He’s batting .364, tied for the MLB lead with the PhilliesAlec Bohm.

“He just keeps doing things that we just hadn’t seen haven’t seen before,” Dodgers manager Dave Roberts said. “That’s deep. People don’t hit the ball out there, whether you’re left-handed or right-handed.”

Teoscar Hernandez added a two-run homer and James Paxton took a shutout into the seventh inning for the Dodgers. Paxton (4-0) finished with 6⅔ innings pitched, 5 hits and 1 run allowed, 2 walks and 3 strikeouts to remain unbeaten on the season.

The Associated Press contributed to this report.

Continue Reading

Sports

Reports: AL batting leader Kwan headed to IL

Published

on

By

Reports: AL batting leader Kwan headed to IL

CLEVELAND — Guardians leadoff hitter Steven Kwan is headed to the injured list with a hamstring strain, and Cleveland will call up prospect Kyle Manzardo, according to multiple reports.

Kwan, who entered the weekend leading the AL in batting, underwent an MRI after leaving Saturday’s game with tightness.

The team has the results and intends to place Kwan on the 10-day injured list on Monday, The Associated Press reported.

Kwan’s injury is giving the Guardians a chance to add the hard-hitting Manzardo, who was acquired last year from Tampa Bay at the trade deadline for pitcher Aaron Civale.

Manzardo is a middle-of-the-lineup slugger who might be able to bolster Cleveland’s light-hitting offensive attack. He entered the season ranked No. 83 among the top 100 prospects in MLB, according to ESPN’s Kiley McDaniel.

The Guardians didn’t want to rush Manzardo, so they had him open the season at Triple-A Columbus. But the 23-year-old has been on a tear with the Clippers, hitting eight homers and driving in 14 runs in the last 14 games.

The Guardians believe he’s ready to take on major league pitchers.

“He’s been good against left-handed pitching, his approach against lefties has improved,” president of baseball operations Chris Antonetti said before the Guardians beat the Los Angeles Angels 4-1 in their series finale on Sunday.

“He’s worked really hard at his defense, both his footwork around the bag and his throwing and he continues to put up and manage really good at-bats.”

Manzardo will likely be used primarily as the team’s designated hitter, but can spell Josh Naylor at first base.

Kwan’s injury is a blow to the Guardians and the two-time Gold Glove winner, who has been among baseball’s best hitters this season.

Before getting hurt while running down a fly ball, the 26-year-old Kwan was batting .353 with a league-leading 47 hits and 28 runs. He has gone 74 straight plate appearances before his last strikeout.

The Associated Press contributed to this report.

Continue Reading

Sports

Red Sox end Twins’ winning streak at 12 games

Published

on

By

Red Sox end Twins' winning streak at 12 games

MINNEAPOLIS — Ceddanne Rafaela hit the first Red Sox home run in seven games, Rafael Devers added another and Boston ended Minnesota’s 12-game winning streak by beating the Twins 9-2 on Sunday.

Vaughn Grissom and Dominic Smith had two-run doubles, and Boston ended a three-game slide in which it scored just four runs.

“Losing two out of three here [stinks], but winning this one is very gratifying,” Red Sox manager Alex Cora said. “It took a total team effort.”

Ryan Jeffers homered and Trevor Larnach had an RBI single for Minnesota.

The Twins’ 12-game winning streak was tied for the second longest in team history behind a 15-win run in June 1991, the last season Minnesota won the World Series.

“It did feel like every time an opportunity arose in the past 12 games, it felt like we were always coming through,” Carlos Correa said. “Today was just one of the days that we’re not able to do that. But at the same time, looking at the big picture, it’s been a couple of good weeks. We’ve just got to keep going. It’s a fun team.”

With one out in the fifth, Rafaela hit a full count offering from Joe Ryan into the first row of the left-center-field seats for a two-run home run and a 3-1 lead. Rafaela hit the team’s previous round-tripper in Boston’s 17-0 win over the Cubs on April 27.

“I was just focusing to hit the ball and then good things happen,” said Rafaela, who played some old-school pepper before the game with hitting coach Pete Fatse to better get the barrel on the ball.

Grissom had a two-run double to give the Sox a 5-1 eighth-inning lead. Smith, the next batter, added a two-run double with the ball going off the glove of Manuel Margot, who was battling the sun on a cloudless 69-degree afternoon.

Devers hit a two-run shot in the ninth.

Boston starter Cooper Criswell, who threw five shutout innings in each of his prior two starts, allowed one earned run and struck out five in 4⅓ innings, but needed 80 pitches to do so.

Brennan Bernardino (1-1), the first of five Red Sox relievers, earned the win.

Tossing his team-high fifth quality start of the season, Ryan (1-2) allowed four hits and three earned runs while striking out five.

With the season’s second-largest home crowd of 29,638 in attendance, Jeffers hit a solo home run in the third inning for a 1-0 lead, a frame after Minnesota had a golden opportunity for some early damage.

Max Kepler, Correa and Larnach each singled to start the Minnesota second, but Criswell struck out Willi Castro and Carlos Santana before Jose Miranda hit a harmless bouncer back to Criswell.

“There are moments where if you’re able to do something, they really are tipping points, turning points,” Twins manager Rocco Baldelli said. “We’ve been doing it, today we just didn’t do it.”

The Associated Press contributed to this story.

Continue Reading

Trending