Yes, grocery prices are high. Here’s how you can cut costs in Southern Colorado

COLORADO SPRINGS, (KRDO) - As Southern Coloradans and all Americans feel the pinch on their wallets, checking out at the grocery store can feel like a massive financial burden.

However, coupon experts say while grocery prices are the highest they've ever been, it's also never been easier to save money when grocery shopping.

This is definitely the time for saving strategies, as the U.S. Bureau of Labor Statistics (BLS) predicts food prices will continue to rise by as much as 4% by the end of 2024.

The cost of eggs is predicted to increase by as much as 18.7%, beef and veal are predicted to increase up to 9.8%, and fresh vegetables could go up by 4.9%.

"We had several decades of relatively flat prices, so it was kind of a shock to people when prices sort of so suddenly jumped up sharply for a few years there," said Steve Reed, an economist with the U.S. Bureau of Labor Statistics.

Reed says grocery prices spiked during the COVID-19 pandemic, bringing inflation U.S. economists hadn't seen in four decades.

Though prices aren't increasing at that same rate now, they haven't returned to pre-pandemic levels, and Reed says the rate of inflation does differ significantly among products.

"Everybody has their own inflation rate, right? Because we all buy different stuff," said Reed. "If you're buying more of the stuff that's increasing more in price, you experience inflation more."

According to the BLS, a grocery bill that would have cost $200.00 five years ago now costs $252.39.

Looking at the bigger picture, families who shop weekly are paying around $200 more per month and around $2,400 more per year for groceries than they did five years ago.

"The regular prices are higher than I've ever seen, and I have tracked grocery prices for my entire life," said Stephanie Nelson.

Nelson is known nationally as "The Coupon Mom." She's appeared on national networks and helped millions of people save money at the cash register.

In 2001, she developed this free website for consumers to find the best grocery deals.

"It has never been easier to use grocery coupons than it is today. And that is because the stores are making it so easy for us," said Nelson.

According to Nelson, gone are the days of cutting coupons from your local newspaper. Instead, consumers must rely on digital coupons, which Nelson says are actually far easier to use.

1. Download Grocery Store Apps

Nelson encourages all shoppers to download your grocery store's app and join their loyalty program.

She says Safeway's app is a great example of the savings you can get.

"If you use their app, then you can use your reward points," said Nelson. "I did the math on this. You're you're going to get at least 2% back in your grocery spending if you simply use their app and their rewards points."

2. Download Cash Back Apps

Nelson recommends downloading cash-back apps like "Ibotta" and "Receipt Hog" for extra savings.

"So, every week on top of digital coupons, I'm getting cash back, and these are real offers," said Nelson. "I mean, particularly when it comes to beer and wine, there might be a $10 cashback offer."

3. Get a Credit Card for Cash Back on Groceries

Beyond apps, you could consider getting a credit card for grocery shopping.

Some cards like the "Blue Cash Preferred" or "Everyday" card from American Express can give you up to 6% cash back at the grocery store.

4. Stay Away from the Name Brands

Annie Marie Young is a Colorado Springs resident who swears by buying generic products.

"Most of the time I just know that generics are going to be cheaper. Now, it doesn't take a rocket scientist to figure that out," said Young.

KRDO13 joined Young on a shopping trip and she showed us how she buys. She looks at the unit price to see how much an item costs per ounce so that she can ensure she's getting the best deal.

Young purchased all generic brand items. Here's a look at her receipt and how much the same items would have cost if they were swapped for name-brand items.

Looking Ahead

The BLS projects certain food items will continue to rise in price over the course of 2024.

Below is a breakdown of that data, which reveals the items that are expected to rise the most: