It's not just you — food prices rose 2.4% last year

What It Covers

Food prices rose 2.4% annually with groceries up 25% over five years, while Americans increasingly carry credit card debt longer than a year amid stagnant wages and persistent inflation pressures.

Key Questions Answered

• •Grocery inflation impact: Food prices disproportionately affect low-income households who spend larger budget shares on food, forcing trade-offs toward cheaper calories while wealthy households maintain eating habits unchanged by price increases.
• •Credit card debt duration: Over 60% of Americans with credit card debt now carry balances exceeding one year, up from 53% in 2024, creating mental stress and limiting access to mortgages and car loans due to damaged credit profiles.
• •Farm income crisis: Kansas farmers face negative farm incomes rising from 4% in 2021 to 30% in 2024 despite record yields, as grain prices sit at $4.30 per bushel versus $7.20 breakeven costs while China halts purchases.
• •Housing size paradox: Median new home sizes are shrinking after decades of growth, as research shows happiness correlates with having four to six household members rather than square footage, with proximity to neighborhood's largest homes mattering more than absolute size.