Florida Residents Spend $1,148 on Groceries Each Month

For most of the last three years, American consumers have been grappling with greater financial pressure from increased prices throughout the economy.

Inflation, as measured by the Consumer Price Index (CPI), has fallen since its June 2022 peak of 9.1%, but current levels of inflation still sit above the Fed’s preferred target rate of 2%. Additionally, CPI data released in April exceeded forecasts, showing year-over-year price increases of 3.5% and month-to-month increases of 0.4%. These figures present a challenge to the Federal Reserve's earlier indications of potential interest rate cuts in 2024.

While several economic indicators, such as wage growth and unemployment rates, exhibit resilience, public sentiment towards the economy is significantly impacted by inflation rates. As prices escalate in key expenditure categories, Americans across the nation feel a tighter squeeze on their finances. One of the spending categories where consumers have faced the greatest pressure from price increases is groceries.