Grocery Prices in April 2024

Grocery prices fell in April for the first time in 12 months, with food-at-home prices dropping by 0.2 percent. Despite this, grocery prices are up just 1.1 percent over the past year, growing slower than the overall annual inflation rate of 3.4 percent.

Consumer Prices

Consumer prices in April were up 3.4% from a year ago, a smaller annual increase than the month before.

Inflation under President Joe Biden

President Biden falsely claimed that inflation was at 9% when he came into office. The actual inflation rate was 1.4% when he assumed office. Inflation peaked at 9.0% in June 2022. The average Wisconsin family lost $21,981 due to increased living costs under Biden. Consumer prices have risen significantly during Biden's presidency.

U.S. Inflation Challenges in 2024

Annual inflation in the U.S. remains above 3%, posing a challenge for the Federal Reserve in its efforts to lower it to the target of 2%. Rising rents, car insurance costs, and gas prices are contributing factors. The Fed is cautious about lowering interest rates until inflation shows sustained movement towards the 2% target.

Impact of Tariffs on Consumers

President Trump's proposal to implement a 10 percent tariff on imported goods has been met with criticism, but historical evidence suggests that tariffs do not necessarily lead to significant cost increases for consumers. The Center for American Progress Action Fund's analysis projecting a $1,500 annual tax increase on American families is based on shaky assumptions and oversimplifies the impact of tariffs on the economy.

Chinese Economy Weakness

China's economy is showing signs of weakness with falling consumer prices, slow GDP growth, and a real-estate bust, raising fears of a prolonged slump. The government's measures to stabilize the economy have not yielded significant results, and concerns about economic stewardship and debt levels persist.