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Time of India
a day ago
- Business
- Time of India
US grocery prices: Sticker shock: How U.S. grocery bills stack up against Mexico, Canada, and China in surprising price reveal
United States ADVERTISEMENT Canada ADVERTISEMENT Mexico ADVERTISEMENT China FAQs While housing expenses rose during and after the pandemic, food prices went up even higher, as per a report. According to the USDA, from 2020 through 2024, food prices in the United States increased 23.6%, surpassing the 23.0% increase in housing expenses, as per food inflation has slowed considerably since then. Having peaked at 11.4% in 2022, it fell to 5.0% in 2023 and further to merely 1.2% in 2024, reported GoBankingRates at the grocery store, Americans are spending more than many of their international neighbours, as per the report. Here's a comparison of US grocery affordability with Canada, Mexico, and China based on statistics from Numbeo, the USDA, and experts GoBankingRates spoke READ: Mark Cuban predicts painful red rural recession — here are 4 states he says should brace for economic fallout Grocery Cost Index: 71.75, as per of Average Consumer Expenditure: 6.8%, as per USDA data processed by Our World in to GobankingRates report, in absolute terms, groceries are more expensive in the United States than in Canada, Mexico, or China. But as a percentage of income, Americans are spending less on food than citizens of those nations , which is only 6.8% of the American's budget, as per the finance expert, Aaron Razon explained that, 'The U.S. imports groceries from other countries like Mexico and Canada, for year-round availability,' quoted GoBankingRates. Razon also mentioned that 'Add in the high cost of local labor and the impact of trade policies and tariffs on grocery prices, it's really no surprise that groceries would cost more in the U.S. than it does in these other countries,' as quoted in the Cost Index: 65.35Percentage of Average Consumer Expenditure: 9.7%According to a Numbeo report, groceries in Canada cost 5.8% less when they are priced in the same currency. However, the median Canadian also earns lesser than the median American, so an average Canadian household spends 9.7% of its budget on groceries, reported GobankingRates Cost Index: 38.22Share of Average Consumer Spending: 25.7%In Mexico, groceries are 42.3% cheaper in absolute terms, but even incomes are lower as well, as per Numbeo. While, Mexican households also have limited access to imported foods compared to Americans, and other than big cities, most Mexican families mainly eat locally grown food, reported Shalini Dharna said, 'In general, consumers in Mexico tend to have less disposable income than in the U.S. and Canada, so in relative terms groceries are more affordable in the U.S. than in Mexico,' quoted the GoBankingRates Cost Index: 34.18Percentage of Average Consumer Expenditure: 21.2%Groceries are even cheaper in China, which is 53.1% cheaper than in the United States, as per the report. However, food takes up a high portion of the average Chinese household's budget, especially for low-wage rural workers providing cheap labour, reported said, 'China's large-scale agricultural production and low labor costs put them at an advantage when it comes to affordability,' as quoted in the After peaking at 11.4% in 2022, it dropped to 5.0% in 2023 and then to just 1.2% in 2024, as per GoBankingRates in Canada cost about 5.8% less than in the US, but Canadians typically earn less, so they end up spending 9.7% of their income on food, as per GobankingRates report.
Time of India
a day ago
- Business
- Time of India
Sticker shock: How U.S. grocery bills stack up against Mexico, Canada, and China in surprising price reveal
United States Live Events Canada Mexico China FAQs (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel While housing expenses rose during and after the pandemic, food prices went up even higher, as per a report. According to the USDA, from 2020 through 2024, food prices in the United States increased 23.6%, surpassing the 23.0% increase in housing expenses, as per food inflation has slowed considerably since then. Having peaked at 11.4% in 2022, it fell to 5.0% in 2023 and further to merely 1.2% in 2024, reported GoBankingRates at the grocery store, Americans are spending more than many of their international neighbours, as per the report. Here's a comparison of US grocery affordability with Canada, Mexico, and China based on statistics from Numbeo, the USDA, and experts GoBankingRates spoke READ: Mark Cuban predicts painful red rural recession — here are 4 states he says should brace for economic fallout Grocery Cost Index: 71.75, as per of Average Consumer Expenditure: 6.8%, as per USDA data processed by Our World in to GobankingRates report, in absolute terms, groceries are more expensive in the United States than in Canada, Mexico, or China. But as a percentage of income, Americans are spending less on food than citizens of those nations , which is only 6.8% of the American's budget, as per the finance expert, Aaron Razon explained that, 'The U.S. imports groceries from other countries like Mexico and Canada, for year-round availability,' quoted GoBankingRates. Razon also mentioned that 'Add in the high cost of local labor and the impact of trade policies and tariffs on grocery prices, it's really no surprise that groceries would cost more in the U.S. than it does in these other countries,' as quoted in the Cost Index: 65.35Percentage of Average Consumer Expenditure: 9.7%According to a Numbeo report, groceries in Canada cost 5.8% less when they are priced in the same currency. However, the median Canadian also earns lesser than the median American, so an average Canadian household spends 9.7% of its budget on groceries, reported GobankingRates Cost Index: 38.22Share of Average Consumer Spending: 25.7%In Mexico, groceries are 42.3% cheaper in absolute terms, but even incomes are lower as well, as per Numbeo. While, Mexican households also have limited access to imported foods compared to Americans, and other than big cities, most Mexican families mainly eat locally grown food, reported Shalini Dharna said, 'In general, consumers in Mexico tend to have less disposable income than in the U.S. and Canada, so in relative terms groceries are more affordable in the U.S. than in Mexico,' quoted the GoBankingRates Cost Index: 34.18Percentage of Average Consumer Expenditure: 21.2%Groceries are even cheaper in China, which is 53.1% cheaper than in the United States, as per the report. However, food takes up a high portion of the average Chinese household's budget, especially for low-wage rural workers providing cheap labour, reported said, 'China's large-scale agricultural production and low labor costs put them at an advantage when it comes to affordability,' as quoted in the After peaking at 11.4% in 2022, it dropped to 5.0% in 2023 and then to just 1.2% in 2024, as per GoBankingRates in Canada cost about 5.8% less than in the US, but Canadians typically earn less, so they end up spending 9.7% of their income on food, as per GobankingRates report.
Yahoo
2 days ago
- Business
- Yahoo
Here's How Much Groceries Cost in the US Compared to Mexico, Canada and China
As much as housing skyrocketed in cost during and after the pandemic, food prices rose even faster. Read Next: Discover More: From 2020-2024, the USDA reports that food prices rose by 23.6%, compared to 23.0% for housing. But food inflation slowed dramatically in 2024, from a rate of 11.4% in 2022 to 5.0% in 2023 to just 1.2% in 2024. So how do U.S. grocery prices and affordability compare to our neighbors in Canada and Mexico, and to the second largest economy in the world, China? Grocery Cost Index: 71.75 (Numbeo) Share of Average Consumer Spending: 6.8% (USDA data processed by Our World in Data) In absolute terms, groceries cost more in the U.S. than in China, Canada or Mexico. 'The U.S. imports groceries from other countries like Mexico and Canada, for year-round availability,' explains consumer finance expert Aaron Razon of CouponSnake. 'Add in the high cost of local labor and the impact of trade policies and tariffs on grocery prices, it's really no surprise that groceries would cost more in the U.S. than it does in these other countries.' But as a share of the average American's budget, groceries take up the smallest percentage across these four countries, at just 6.8%. That makes grocery affordability in the U.S. better than its neighbors and chief rival. Grocery Cost Index: 65.35 Share of Average Consumer Spending: 9.7% Groceries cost a little less north of the border. Specifically, Numbeo reports that groceries cost 5.8% less in Canada when priced in the same currency. However, the median Canadian also earns less than the median American. The average Canadian household spends 9.7% of its budget on groceries. Grocery Cost Index: 38.22 Share of Average Consumer Spending: 25.7% That effect becomes much more pronounced in Mexico, where both incomes and grocery prices are lower. Numbeo reports that groceries cost 42.3% less in Mexico, in absolute terms. Accountant Shalini Dharna of Dharna CPA explains further. 'In general, consumers in Mexico tend to have less disposable income than in the U.S. and Canada, so in relative terms groceries are more affordable in the U.S. than in Mexico.' Plus, Mexican households have less access to imported foods than Americans do. Outside of major cities, many Mexican families primarily eat locally grown food. Grocery Cost Index: 34.18 Share of Average Consumer Spending: 21.2% Groceries cost even less in China: 53.1% less, to be exact. 'China's large-scale agricultural production and low labor costs put them at an advantage when it comes to affordability,' says Razon. The raw numbers don't tell the whole story, however. China has enormous wealth and cost-of-living divides, especially between rural and urban areas. Food takes up a large portion of the average Chinese household's budget — particularly for those low-wage rural workers providing that cheap labor. Grocery cost indexes from Numbeo. More From GOBankingRates Surprising Items People Are Stocking Up On Before Tariff Pains Hit: Is It Smart? 25 Places To Buy a Home If You Want It To Gain Value This article originally appeared on Here's How Much Groceries Cost in the US Compared to Mexico, Canada and China Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
3 days ago
- Business
- Yahoo
5 Ways To Use AI To Earn and Save an Extra $100,000 for Retirement
Artificial intelligence services keep getting smarter — and more flexible in taking over tasks for you. Learn More: Find Out: But can you entrust AI with your financial future? With your retirement nest egg? While AI can't do everything for you, it can certainly help. Try these ways to use AI to save an extra $100,000 for retirement. Budgeting comes in two parts: planning how to spend and then actually doing that day in and day out. Artificial intelligence can help you with both. You can ask an AI bot to think like a financial planner and create a budget tailored to your needs, goals, and priorities. Even better, you can then feed your past spending behavior into the bot to ask it to compare your actual spending to your ideal budget, to find where you're going astray. 'With AI tools making expense tracking less tedious and more efficient, consumers can better manage their finances, keep up with their expenses, and seal the leaks that drain their financial resources,' explains Aaron Razon, budgeting expert with CouponSnake. Want to advance your career and earn more? Learn how to competently use AI. At the simplest level it will make you a more qualified hire, as many roles will increasingly require workers to leverage AI. It can also boost your productivity, allowing you to get more done in less time. The uses don't end there however. Ask AI to help you brainstorm job and career ideas that you didn't know existed, but which fit your strengths and goals. Then ask it what steps you must take to make the career transition for the ones that jump out at you. Dustin W. Scout runs AI platform Magai and offers a simple example of a user running a side hustle with nothing but AI support. 'He creates bespoke AI art for corporate clients based on their interior design needs, personality, or interests. Once the client has settled on a piece, he enlarges the AI image to a printable resolution and has it printed on canvas and shipped to the client.' Or take Enes Karaboga, who created media site as a side hustle. 'A single content site can earn more than $100,000 in a few years with Google Ads and affiliate links. In the past, you needed a team to run such a business. I have my own army of AI writers, editors, designers and more. Each AI agent works for pennies. All you need to do is orchestrate the workflow, set the direction and make the key decisions.' Earn enough money with that AI-powered side hustle, and you can quit your day job. From there, you could work full-time on growing your business. Or you could automate much of the work with AI, and hire a human manager to oversee the rest of it. Then you can retire if you like — regardless of your age. Justin Ramos, CEO of AI-powered Compai, recently went through this exercise himself. 'I was deciding between Wealthfront's S&P 500 Direct Investing and their Direct Index Investing offerings, and I asked Claude to analyze the long-term implications of both options, focusing on diversification and tax advantages. 'While the S&P 500 option had lower fees (0.09% vs 0.25%), Claude's analysis showed that Direct Index Investing's ability to harvest tax losses from individual stocks could generate an additional 1-2% in annual tax savings. It demonstrated that on a $100,000 initial investment growing at 8% annually for 20 years, the standard S&P 500 approach would yield approximately $466,000. Alternatively, the Direct Index approach would yield about $581,000, leaving me with $115,000 in additional retirement savings.' Ultimately, you're responsible for your own financial decisions. But AI can help you make more informed decisions — and perhaps retire with an extra $100,000 or more in your nest egg. More From GOBankingRates Surprising Items People Are Stocking Up On Before Tariff Pains Hit: Is It Smart? 5 Types of Cars Retirees Should Stay Away From Buying This article originally appeared on 5 Ways To Use AI To Earn and Save an Extra $100,000 for Retirement
Yahoo
3 days ago
- Business
- Yahoo
5 Ways To Use AI To Earn and Save an Extra $100,000 for Retirement
Artificial intelligence services keep getting smarter — and more flexible in taking over tasks for you. Learn More: Find Out: But can you entrust AI with your financial future? With your retirement nest egg? While AI can't do everything for you, it can certainly help. Try these ways to use AI to save an extra $100,000 for retirement. Budgeting comes in two parts: planning how to spend and then actually doing that day in and day out. Artificial intelligence can help you with both. You can ask an AI bot to think like a financial planner and create a budget tailored to your needs, goals, and priorities. Even better, you can then feed your past spending behavior into the bot to ask it to compare your actual spending to your ideal budget, to find where you're going astray. 'With AI tools making expense tracking less tedious and more efficient, consumers can better manage their finances, keep up with their expenses, and seal the leaks that drain their financial resources,' explains Aaron Razon, budgeting expert with CouponSnake. Want to advance your career and earn more? Learn how to competently use AI. At the simplest level it will make you a more qualified hire, as many roles will increasingly require workers to leverage AI. It can also boost your productivity, allowing you to get more done in less time. The uses don't end there however. Ask AI to help you brainstorm job and career ideas that you didn't know existed, but which fit your strengths and goals. Then ask it what steps you must take to make the career transition for the ones that jump out at you. Dustin W. Scout runs AI platform Magai and offers a simple example of a user running a side hustle with nothing but AI support. 'He creates bespoke AI art for corporate clients based on their interior design needs, personality, or interests. Once the client has settled on a piece, he enlarges the AI image to a printable resolution and has it printed on canvas and shipped to the client.' Or take Enes Karaboga, who created media site as a side hustle. 'A single content site can earn more than $100,000 in a few years with Google Ads and affiliate links. In the past, you needed a team to run such a business. I have my own army of AI writers, editors, designers and more. Each AI agent works for pennies. All you need to do is orchestrate the workflow, set the direction and make the key decisions.' Earn enough money with that AI-powered side hustle, and you can quit your day job. From there, you could work full-time on growing your business. Or you could automate much of the work with AI, and hire a human manager to oversee the rest of it. Then you can retire if you like — regardless of your age. Justin Ramos, CEO of AI-powered Compai, recently went through this exercise himself. 'I was deciding between Wealthfront's S&P 500 Direct Investing and their Direct Index Investing offerings, and I asked Claude to analyze the long-term implications of both options, focusing on diversification and tax advantages. 'While the S&P 500 option had lower fees (0.09% vs 0.25%), Claude's analysis showed that Direct Index Investing's ability to harvest tax losses from individual stocks could generate an additional 1-2% in annual tax savings. It demonstrated that on a $100,000 initial investment growing at 8% annually for 20 years, the standard S&P 500 approach would yield approximately $466,000. Alternatively, the Direct Index approach would yield about $581,000, leaving me with $115,000 in additional retirement savings.' Ultimately, you're responsible for your own financial decisions. But AI can help you make more informed decisions — and perhaps retire with an extra $100,000 or more in your nest egg. More From GOBankingRates Surprising Items People Are Stocking Up On Before Tariff Pains Hit: Is It Smart? The 10 Most Reliable SUVs of 2025 This article originally appeared on 5 Ways To Use AI To Earn and Save an Extra $100,000 for Retirement
