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Inflation, stock shortages: How cash-strapped consumers can navigate grocery shopping
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Shoppers are facing significant challenges at the supermarket as widespread supply chain shortages have led to higher than normal out-of-stock rates and inflation near its highest level in four decades steadily pushes up prices.
As a result of supply chain issues throughout the coronavirus pandemic, out-of-stock rates surged upward of 15% compared to historical ranges of 5% to 10%, according to McKinsey & Company.
The issues stemmed from a variety of factors including labor shortages, bottlenecks at ports, labor shortages and unanticipated spikes in consumer demand, the consulting firm said in a recent report.
DEMAND FOR GROCERY DELIVERY COOLS AS FOOD COSTS RISE
Meanwhile, inflation has risen at an uncomfortable pace, notching a 40-year high in May and in June, squeezing consumer budgets like never before. Although consumers got a bit of reprieve in July, overall inflation is still running at close to its highest level in four decades.
To help, the chief executive of retail tech company Grocery Shopii, Katie Hotze, offered some hacks consumers can utilize to better navigate the new grocery shopping environment.