Inflation has been a constant concern since pretty much the moment life returned to some semblance of normalcy before the pandemic.
And it’s sparked a lot of debate, too, from those who think it’s a normal economic force to those who blame corporate price gouging, to even those who say they haven’t noticed much change at all.
But if the latest video from a TikToker is to be believed, that debate may end.
Your Walmart groceries cost 50% less two years ago.
Creator @amywaytosave, whose content focuses on money-saving tips, did an experiment, going to Walmart and buying the same groceries three times in two years to see if prices change.
What he found is a pretty shocking indictment of what’s going on in our economy when it comes to inflation and grocery prices.
Amy found that the same foods from 2020 cost 50% more in 2023, even at discount retailer Walmart.
In all, Amy bought the same order at the grocery store three times: once in late 2020, again in 2022, and then last week in 2023.
His purchases were simple: basics like rice and beans, a jug of milk, eggs, plantains, and chorizo, enough to make “a week’s worth of meals for one person.”
You got all of that plus a couple other items like cornmeal, frozen veggies, and potatoes for $10.09 at the end of 2020, and before you say it’s impossible, you’ve got the receipt to prove it!
After hearing all the talk in early 2022 about inflation in groceries, Amy went back to Walmart and bought the same items. But this time, she totaled $11.13.
That, of course, is not that big of a jump, about 10%.
But if you think that seems really low today, even for Walmart, and especially given the national egg shortage due to the 2022 bird flu outbreak, well, you’re right.
Amy came back a few days ago, and those same items in 2023? $15.10 – A whopping 50% increase from the end of 2020.
And that’s just for someone buying groceries for themselves. Imagine how much more expensive it is for parents trying to buy groceries for their children.
The inflated cost is also likely to be the result of a price increase.
The inflation we’ve experienced since returning to our pre-pandemic lifestyles is partly due to the pandemic itself, because it’s not just most of us workers staying home for months.
Food producers also stayed home, as did car manufacturers, electronics manufacturers, and all sorts of other industries, as well as the shippers that transport them around the world.
So when normalcy returned, and with it consumer demand, there was little to no supply of goods, sending prices of almost everything skyrocketing.
But interestingly, corporations have been posting record profits in 2021 and 2022, which doesn’t add up. If the cost of making things goes up as the price of buying them goes up, the profits should be more or less even, right?
But the opposite has happened-big way
Companies like Coca-Cola and PepsiCo, which make a myriad of food products beyond soft drinks, saw profits increase 17% and 14% respectively in 2022, while restaurant chains like Chipotle’s grew 26%. .
And remember the whole gasoline debacle last year?
After President Biden threatened oil companies with a so-called windfall tax to offset what he called “war profiteering,” gasoline prices fall to the lowest they had been in a year.
People on TikTok feel that corporate speculation was to blame for the spike.
As a commenter named Mary put it, “Meanwhile, her earnings have never been higher! I wonder why.”
And she certainly wasn’t alone. Dozens of people took to the comments on Amy’s video to echo that sentiment. One wrote, “it’s not inflation anymore, it’s price increases.”
“I think it’s important to note that this isn’t just inflation,” added another, “this is corporations intentionally raising prices and posting record profits.”
Others expressed frustration with people who deny that inflation is a problem. One commenter wrote: “I’m so sick of people saying inflation isn’t the problem, it’s a better budget. Like it makes a big difference.”
Fortunately, inflation in general is now on a downward trend, but the good news also comes with bad news: supermarket and restaurant prices. they are still going up.
If you’re looking to take up a new hobby in 2023, might we suggest growing your own produce?
John Sundholm is a news and entertainment writer covering pop culture, social justice, and human interest.