These 5 Tips Can Help You Save Money on Groceries as Food Prices Soar

Going to the grocery store is only going to be more expensive.

Food prices increased 1%, while food at home increased 1.4%, the fastest monthly gains since April 2020, according to the latest Consumer’s price index figures. And food price inflation is likely to only intensify in the coming months.

In 2022, “all food prices are projected to increase between 4.5% and 5.5%,” according to the US Department of Agriculture. Food Price Outlook.

Food prices at home are expected to rise 3% to 4%, and food prices away from home are expected to rise 5.5% to 6.5%, the USDA said. in their March report.

From Russia invasion of ukraine is exerting upward pressure on food prices, even as the Federal Reserve attempts to combat inflation raising interest ratesthe report said. “The situations will be closely monitored to assess the net impacts of these simultaneous events on food prices as they unfold.”

The forecast for almost all food categories, with the exception of fresh vegetables, was revised upwards.

However, it’s not just staples like fruit, milk, eggs and meat that are becoming more expensive; inflation has led many food and beverage companies to raise prices on your favorite packaged goods, too (or make the package smaller, also known as “shrink inflation”).

Tyson Foods, Coca Cola and PepsiCo announced price increases, citing supply chain and labor issues. Even Oreos, Ritz crackers and Sour Patch Kids candies cost more, thanks to a 7% price hike earlier in the year.

To avoid getting ripped off on groceries, here are some pro tips for cutting costs or getting more cash:

1. Use a cash back app

Ibotta and Checkout 51 are two of the most popular apps for earning cash at the store, according to Julie Ramhold, consumer analyst for DealNews.com. The average Ibotta user earns between $10 and $20 per month, but the most active users can earn as much as $100 to $300 per montha spokesperson told CNBC.

You can also get cash back for online grocery orders with CouponCabin.com (there’s a free app, as well as the browser extension), which offers up to $6 back on Instacart, 2% back on Vons, 1% back on at Kroger and 5% back at Seamless, advises Andrea Woroch, a consumer savings expert.

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If you’ve already done your shopping, take photos of your purchase receipts using an app like Get rewards to earn points that are good for free gift cards at stores like Target or walmart and it can offset future grocery purchases, Woroch suggested.

2. Plan your meals

3. Buy own brands

4. Buy strategically

5. Pay with the right card

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