Inflation continues to drop, but overall food prices are still up 2.9%
PHOENIX - As we close out the final days of 2023, there is some promising news for the new year: inflation is on the way down. According to the Office of Economic Opportunity, it has dipped below 3% here in Arizona. So are shoppers seeing the savings when they put food on the table?
Most supermarket chains are a little shy when it comes to talking about prices, so we went to a local food market to find out what shoppers and sellers were seeing.
At the Uptown Farmers Market, you can find food from bagels to beets, along with a dash of hope that food prices are starting to soften.
"I haven't noticed a ton of it coming down just yet, but I'll be super excited if that's the fact," said Tammy.
Haneen added, "I've been traveling for a while, and I've noticed, like, I forgot how cheap grocery shopping can be like other countries."
Many staples, like eggs, milk, and chicken are down. At the same time, overall food prices have been up 2.9% since November 2022, according to the Bureau of Labor Statistics. And some shoppers have picked up new habits along the way.
"I cut coupons on my app at home.. so we're from Michigan, and we cut coupons that way," said Jessica.
"If I find bacon at a reasonable price, I stock up on that and freeze it," said Linda.
Some relief in AZ when it comes to inflation
Most supermarket chains are a bit shy when it comes to talking about prices, so we went to a local farmers market to find out what shoppers and sellers are seeing when it comes to inflation.
How businesses have shifted to keep customers happy
Inflation hit 89% back in 2022 and since then, businesses have had to improvise to keep customers happy while covering costs.
"I'll just offer more options for variety, that way everyone can buy something," said The Juice Box's Michael Lamonte.
Marvin Williamson of Gourmet La Dolce added,"The last couple of years, you had to go a little bit, but it hasn't come down enough to where we can bring them down."
Selling food and drinks can be dicey and shoppers are always tuned in to prices, even at a farmers market on a Wednesday morning.
Some of the highest food costs are found at restaurants. Customers are paying 5% more than they did one year ago.