Jesse Newman
speaker
109 appearances
2 recordings
1 series
first heard Oct 2023
last heard Feb 2024
Jesse Newman’s voice in public audio — every appearance, attributed to the second.
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Appearances
WSJ Your Money Briefing · Why Food Prices Are Still High While Inflation Is Falling · 23 Feb 2024
podcast
But these are on really specific items and your typical packaged food that has a lot of ingredients, a lot of packaging, much more complex formulations.
And also at restaurants, like in aggregate, there's not a sense that consumers are going to see much relief overall.
People are having to rethink their entire household budgets.
Consumers tell us that they are changing where they're shopping.
So they might be moving from premium grocery store like Whole Foods to someplace more mainstream.
Some consumers are shifting to club stores or value stores like Aldi, Costco, Target.
And then we talk to consumers who say they're just trying to make a lot more from scratch at home.
So they're not buying packaged food or prepared food at the grocery store.
They're not buying snacks.
They're putting food back on sale.
And that can mean a number of things.
It can mean buy one, get one free deals or just sales.
Or maybe these products are in an end cap or a featured display in the grocery store.
During the pandemic, food companies all but stopped offering discounts.
And now they are putting food on sale again.
But consumers would be forgiven if they hadn't noticed because grocery shopping and eating out are still just far more expensive than they used to be.
For example, in grocery stores,
the portion of food that is being discounted has reached a level that we haven't seen since 2019 and at the same time consumers are still paying more than a third that they did then essentially sales are back but your grocery bills are still much higher
It definitely seems as though many consumers have reached a breaking point with food prices up more than a third.
Food companies are trying to understand what has changed.
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