A May First Insight report found that 41% of consumers are cutting back on name brands in many categories due to inflation.
The news: The increasing cost of food was a key factor that drove prices to rise 8.6% year-over-year (YoY) in May, and 1.0% month-over-month (MoM), per the US Bureau of Labor Statistics.
- Food prices were up 10.1% YoY and 1.2% MoM.
- Grocery prices soared to 11.9% YoY, the highest level since April 1979, and 1.4% MoM. May was the fifth straight month that the MoM increase was at least 1%.
- Restaurant prices rose 7.4% YoY, and 0.7% MoM.
- Online grocery prices surged 11.7% YoY, the most on record, and 1.3% MoM, per the Adobe Digital Price Index. That increase was an anomaly, as overall price growth for online goods in the US decelerated in May for a second straight month.