Key facts
- Rising inflation is putting pressure on US household budgets.
- Consumers are making tradeoffs in food spending due to economic realities.
- Higher gas prices and other expenses are consuming a larger portion of budgets.
- Many families are reducing spending on restaurant dining and food delivery.
- Consumers are opting for home-cooked meals and less expensive protein sources.
Rising inflation is forcing many American families to re-evaluate their spending habits, particularly concerning food costs. While the overall cost of a basket of food goods has seen offsetting increases and decreases this year, soaring gas prices and other consumer expenses are significantly impacting household budgets. This economic pressure is leading consumers to make difficult choices, such as cutting back on dining out and food delivery in favor of more home-cooked meals. Some families are opting for less expensive protein alternatives, like swapping beef for chicken or other cheaper options. For those with limited time, prepared foods from grocery stores are emerging as a more budget-friendly alternative to restaurant meals or delivery services. Business Insider is soliciting reader experiences to understand how these financial adjustments are playing out across the country, asking about specific changes in purchasing habits, what has been cut, and where splurges are still being made.