Rate of inflation is slowing, but high food prices are still ‘stuck’: Jackie DeAngelis
‘The Big Money Show’ co-host Jackie DeAngelis joins ‘Fox & Friends Weekend’ to break down the state of the U.S. economy as the December consumer price index rises by 3.4% year-over-year.
Inflation still looms large over many Americans’ heads as they head to the grocery store.
A recent Axios Vibes survey found that 59% of respondents felt "angry, anxious or resigned" while shopping for groceries with anger being the most common emotion. Seventy-two percent of respondents also said that groceries are where they feel the most effects of inflation.
Though inflation has largely fallen from record highs in 2022, prices are still significantly higher than they were before 2020. Based on data from the Bureau of Labor Statistics, Americans must spend approximately $125.51 for groceries that would have previously cost $100 in December 2019.
A majority of Americans reported having negative feelings while shopping for groceries. (iStock)
In December 2023, inflation, in fact, rose .3% to 3.4% compared to the same time in the previous month. Though it is still significantly below its peak, this is still well above the Federal Reserve’s ideal 2% target.
Fox Business calculations found that since the start of 2021, food prices have gone up 33.7%, shelter costs went up 18.7% and energy prices increased by 32.8%. Moody’s Analytics also reported that Americans spent $211 more a month compared to the same time last year.
Overall, Americans are now paying on average $1,020 more each month compared with the same time two years ago.
Inflation rose .3% to 3.4% in December. (istock)
In a Fox News national survey in November, 68% of voters reported feeling unhappy with how things are going in the country with 78% saying that the economy is in bad shape since President Biden took office. The number included 61% of Democrats.
Only 14% said they were helped economically during the Biden administration.
Biden has frequently touted "Bidenomics" and touted the recent December numbers as a sign of economic improvement,
DESPITE THE SPIN, AMERICANS KNOW THIS TRUTH ABOUT BIDENOMICS
"If you notice, they're feeling much better about how the economy is doing," Biden said. "What we haven’t done is letting them know exactly who got it changed. ... Everybody's doing better and they believe it. They know it. And it's just beginning to sink in."
Biden visited several small businesses to tout his Bidenomics economic plan. ( MANDEL NGAN/AFP via Getty Images)