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'Food shop is my biggest expense after the mortgage'

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          🞛 This publication is a summary or evaluation of another publication 🞛 This publication contains editorial commentary or bias from the source
Food accounts for 23% of basic spending, which includes housing, clothes, health, transport and education, NI Consumer Council finds.
The article from Yahoo Finance discusses a survey by Achieve, a digital personal finance company, which found that food shopping has surpassed mortgage or rent as the biggest monthly expense for many Americans. The survey, conducted in March 2023, revealed that 35% of respondents identified food shopping as their largest expense, compared to 30% who cited housing costs. This shift is attributed to persistent inflation, with grocery prices having increased by 10.2% over the past year. The article also highlights that 67% of respondents have changed their shopping habits due to rising food costs, with many opting for cheaper store brands, reducing non-essential purchases, and seeking out sales and discounts. Additionally, the survey noted that 44% of Americans are living paycheck to paycheck, underscoring the financial strain caused by these rising costs.

Read the Full BBC Article at:
[ https://www.yahoo.com/news/food-shop-biggest-expense-mortgage-230357583.html ]