The Daily Money: The sacrifices Americans are making to eat

Grocery prices are up 13.5% compared to last year. That's causing Americans to make tough decisions on what they feed themselves and others ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

The Daily Money ALL THE MONEY NEWS YOU NEED TO KNOW   Thursday, September 22 Hello again! I'm Elisabeth Buchwald and hopefully you're not sick of me yet. Boy, was yesterday a fun one (to be clear, that's sarcasm). As a markets reporter, a good day is a boring day for markets. Yesterday was anything but boring.  To recap, the Fed raised interest rates by 75 basis points for the third time in a row this year in an effort to clamp down on inflation. But the central bank is far from done hiking rates, as Fed Chairman Jerome Powell said yesterday.  That has some really important implications for your finances. Homeowners with existing fixed-rate mortgages won't see any changes. But prospective homebuyers are going to continue to see interest rates on mortgages rise. Credit cards, auto loans and even the stock market are also vulnerable to changes in the Fed's key interest rate. Inflation is squeezing American diets We asked Americans how inflation is impacting what they eat as grocery prices are up 13.5% over the past 12 months. From skipping meals to relying on food banks, Americans are struggling to contend with the high cost. One person USA TODAY interviewed filed for bankruptcy two months ago, which has made it easier for him to afford groceries.  "It's not just one driver (causing) these high food prices," David Ortega, a food economist at Michigan State University, said. "They're all sort of coming together and compounding on each other." 📰More stories you shouldn't miss📰  Fed hikes interest rates:There are likely more aggressive increases ahead. What's it mean for you? Jamie Dimon testifies: 'Policymakers should be prepared for the worst' Apple releases AirPods Pro '2.': Our review: New earbuds are a perfect fit for iPhone users. About The Daily Money  Each weekday, The Daily Money delivers the best consumer news from USA TODAY. We break down financial news and provide the TLDR version: How decisions by the Federal Reserve, government and companies impact you. Elisabeth Buchwald is a personal finance and markets correspondent for USA TODAY. You can follow her on Twitter @BuchElisabeth. We asked Americans how inflation affects them. Here's what they said. 30% of registered voters ranked inflation as their top issue in the 2022 midterm elections amid higher rent costs and rising grocery store prices. Gas prices increase after 98-day drop. Here's where gas is the... August report shows 'unusual' rate of decline in home prices Facebook sued for collecting user data through third-party websites What is a good credit score? How do you improve it? Expert shares... What are buy now, pay later services and should you use them Two people finally claim $1.34 billion Mega Millions lottery jackpot How national parks can make nature more accessible to every body Tesla recalls more than 1 million vehicles due to safety issue Chipotle to pay New Jersey $7.75M to resolve child labor allegations   Problem viewing email? View in browser Unsubscribe • Manage Newsletters • Terms of Service • Privacy Policy/Your California Privacy Rights • Privacy Notice • Do Not Sell My Info/Cookie Policy • Feedback © 2022 USA TODAY, a division of Gannett Satellite Information Network, LLC. 7950 Jones Branch Drive, McLean, VA 22102