Latest news with #ConsumerFederationofAmerica
Yahoo
26-05-2025
- Business
- Yahoo
Home insurance in the US may double within 10 years. Why rates are soaring — and not just in ‘disaster' cities
Home insurance used to be an afterthought, but these days it's a rapidly escalating expense that is believed to be'deepening the housing crisis,' warns the Consumer Federation of America (CFA). A recent report from the CFA highlights a sharp increase in premiums between 2021 and 2024, when the average homeowners' insurance rate climbed 24% to $3,303. That's significantly higher than the average property tax rate in 2023, which was $1,889, according to the Tax Foundation. Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 5 of the easiest ways you can catch up (and fast) Nervous about the stock market in 2025? Find out how you can access this $1B private real estate fund (with as little as $10) If this pace were to continue, many homeowners could see their insurance rate double in roughly 10 years. Unfortunately, this burgeoning insurance crisis isn't limited to high-risk regions such as Florida, California and Louisiana. Rates are going up across the country and even homeowners in relatively 'safe' states could see ballooning expenses in the near future. Here's a closer look at what's driving up insurance costs for ordinary families, and what you can do to protect yourself before the crisis spirals out of control. According to a report from JPMorgan, inflation and climate change are the driving forces behind the property insurance crisis. Simply put, climate disasters are becoming more frequent and less predictable, as scientists have been warning for years. Meanwhile, home prices have climbed rapidly in recent years, which means it costs more to repair or replace a home after it has been damaged. The combination of these factors has made it difficult for insurance companies to price policies appropriately and has pushed rates higher to compensate for the added risks. States like California and Florida are at the forefront of this unfortunate crisis because of their exposure to extreme weather events such as hurricanes and wildfires. However, Midwestern states that don't experience hurricanes and wildfires are not immune to rising rates. With damage from tornadoes, floods, hail, and high winds on the rise, property insurance costs are climbing across the board in these regions. In fact, Insurify forecasts that the Midwest will bear some of the highest increases as insurers overhaul their pricing strategies to reflect escalating weather-related risks. With this in mind, homeowners across the country should prepare for the rapidly rising costs of insuring their properties. Read more: This is how American car dealers use the '4-square method' to make big profits off you — and how you can ensure you pay a fair price for all your vehicle costs While you can't change the insurance industry or reverse climate change, there are ways to potentially limit the rising costs of insurance over the long term. For starters, shop around for the best insurance rate that you can find every year when you approach renewal. Ask multiple providers for quotes and see what you can do to get the best deal possible. Investing in climate-resilient features could also limit the damage from extreme weather events and qualify you for a discount on insurance. According to Universal Property, upgrading your roof, electrical wiring or plumbing could potentially reduce your insurance costs. You could also lower your rate by raising the deductible on your policy and skipping small claims. If the property insurance rates in your area are too high, you might even consider moving to another part of the country. A recent report from the Federal Insurance Office — which analyzed 246 million insurance policies sold between 2018 and 2022 — found that homeowners in regions most vulnerable to climate-related disasters paid, on average, 82% more for insurance than those in the lowest-risk areas. As for potential homebuyers, don't forget to include the annual cost of property insurance in your budget. Focusing on newer homes with less depreciation and more climate-resilient features could reduce your monthly expenses while also giving you some peace of mind. Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan 'works every single time' to kill debt, get rich in America — and that 'anyone' can do it Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Robert Kiyosaki warns of a 'Greater Depression' coming to the US — with millions of Americans going poor. But he says these 2 'easy-money' assets will bring in 'great wealth'. How to get in now Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? This article provides information only and should not be construed as advice. It is provided without warranty of any kind. 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
Chicago Tribune
21-05-2025
- Automotive
- Chicago Tribune
Alexi Giannoulias: Illinoisans shouldn't pay more for car insurance based on their ZIP code and credit score
Here's an appalling fact: The cost of your car insurance in Illinois isn't based on your driving record — it's based on things such as the neighborhood where you live and your credit score. This is shameful. Especially when you consider that a motorist with driving under the influence on their record but solid credit pays far less than a driver with a spotless driving record and a low credit rating. Yes, you read that correctly. As secretary of state, my top priority is keeping our roads safe. And if the purpose of auto insurance is to protect Illinois' 9.4 million motorists, it only makes sense that their driving records should be the primary factor for setting their rates. But as it stands now, the amount you pay for insurance is largely based on socioeconomic factors and — now, especially with artificial intelligence — your social media algorithms. Insurance companies rely on credit scores, ZIP codes, age and data from those sneaky third-party apps on your phone to determine how much you pay them. Together, these factors — except, of course, the driving record — create a confusing and unfair ratemaking process that lacks not only transparency but common sense. When nondriving factors are included in ratemaking, not everyone suffers equally. Senior citizens living on fixed incomes, people of color, and those already struggling to pay their bills are disproportionately affected and hit with higher insurance premiums. But don't just take my word for it. Consumer Reports and ProPublica analyzed insurance rates and found that in Illinois, all but one of the 34 insurance companies studied charged rates that were at least 10% higher for safe drivers living in predominately minority ZIP codes compared with those in non-minority ZIP codes. The nonprofit Consumer Federation of America found Illinoisans with perfect driving records and excellent credit (a score of 800 to 850) pay an average annual premium of $424 for state-mandated auto insurance. But consumers with the same driving record but worse credit (a score of 580 to 669) pay an average premium of $607 — at least 40% more. Meanwhile, good drivers with poor credit (a score of 300 to 579) pay an average premium of $915 — a 116% increase compared with those drivers with excellent credit. It also determined an Illinois driver with a DUI conviction but with an excellent credit history paid $862 less a year for car insurance than someone with a good driving record but a poor credit history! To shine a light on the ratemaking process, the secretary of state's office is championing legislation in Springfield that would enlist outside experts to determine how non-driving-related factors affect certain demographics of drivers. Keep in mind: Auto insurance premiums in Illinois jumped a whopping 18% in Illinois last year and are projected to climb even higher this year, according to Insurify, which compares quotes from insurance providers. In Illinois, if you can't afford your insurance, you can't drive. And that makes it harder to run essential errands, transport your kids, get to work, receive a paycheck, and ultimately earn a living and provide for your family. The blatant biases against individuals and families living in low-income neighborhoods amplifies the economic disparities that have already formed the tragic reality of the 'two Americas,' further exacerbating the injustice and inequality that persist. And if you choose to drive without required auto insurance, then you face civil fines, the loss of driving privileges and reinstatement fees, a sometimes endless and even more costly cycle. Most worrisome is that these drivers make our roads less safe — for everyone. There's still much that we don't know about these algorithms and nondriving ratemaking factors, which is why we need House Bill 1234. We need public input, and we need the insurance industry to work with us. If there's a good explanation for why driving records don't matter, but your ZIP code does, we'd like to hear 'how' and 'why.' We're all ears. As it stands, Illinois and Wyoming remain the only states in the entire country that allow insurance companies to increase rates without any type of state regulation or oversight prior to an increased rate. The truth is simple — the current system has created a patently unfair, unaffordable and unjust ratemaking system for statutorily mandated automobile insurance. Your ZIP code, credit score or social media presence should not determine how much you pay for car insurance. This not only unfairly punishes the people who can least afford it, but it also creates danger on our roads. Safe drivers shouldn't be paying the price for a system that is rigged against them. HB1234 would bring transparency and accountability to the ratemaking process and put drivers first.
Yahoo
08-05-2025
- Business
- Yahoo
Homeowners reeling as staggering new cost sweeps across thousands of zip codes — here's what's behind the surge
Homeowners across Texas are feeling the financial squeeze as insurance premiums skyrocket, and extreme weather is a major driver. A recent report from the Consumer Federation of America found that Texas has the sixth-highest average home insurance premiums in the U.S., at nearly $4,800. In the Dallas area, it's even worse — $4,900 a year, a 32% jump since 2021, according to the Dallas Morning News. Why? More destructive storms, rising construction costs, and loose state oversight are all playing a part. Texas experienced a 27% increase in premiums over just three years, according to the Dallas Morning News. The national average increase? $648. Insurers hiked rates in 95% of ZIP codes, costing U.S. homeowners an estimated $21 billion more in 2024 compared to 2021, as noted by the report. And as climate disasters pile up, things could get worse. In 2024, the U.S. was hit with 27 billion-dollar weather disasters that totaled nearly $183 billion in damages, according to Insurers have responded by raising rates or pulling out of states like Texas, California, and Florida, citing unsustainable risk. "One of the reasons behind this sharp premium hike is due to the rise of extreme weather events, such as tornados, hail, and severe winds and storms," Sharon Cornelissen, the director of housing for the Consumer Federation of America, said in a statement to the Dallas Morning News. This crisis doesn't just impact insurance. For many, coverage is the only thing keeping them in their homes, especially with most lenders requiring it. Without affordable options, more families could be forced to leave the places they've lived for generations. Officials are scrambling to stabilize markets, even relaxing rules to keep insurers in-state. But these short-term fixes may not be enough as climate risks grow. The root of the crisis is our changing climate, fueled by burning dirty energy like oil and gas. But there's hope. Do you think your city has good air quality? Definitely Somewhat Depends on the time of year Not at all Click your choice to see results and speak your mind. Global renewable energy capacity grew by 50% in 2023, and Americans now have more access than ever to solar panels and community clean energy programs — many of which come with incentives and savings. Join our free newsletter for good news and useful tips, and don't miss this cool list of easy ways to help yourself while helping the planet.
Yahoo
06-05-2025
- Business
- Yahoo
How will Trump's tariffs affect grocery store prices? We explain.
"A lot of seafood is caught here and then taken to China, where the labor is much more available and is a lower price to debone, to skin, to devein and then repackage, frozen and brought back to the United States," he said. The question is, will that face tariffs? One category that could be especially hit is seafood, Swanson said. It remains to be seen how that will be tariffed, especially with the trade war going on with China. "For consumers, this can mean added difficulties in managing a food budget. For food companies, this means havoc on supply chains that could lead to more food waste and more food safety risk," Gremillion said. Tariffs are causing uncertainty from families checking off their grocery lists to companies importing food , he said. Overall, 15% of the U.S. food supply is imported, including 32% of fresh vegetables, 55% of fresh fruit, and 94% of seafood, according to the Consumer Federation of America, citing the U.S. Food and Drug Administration. Some products, like coffee and bananas, are almost exclusively grown abroad. So that doesn't mean that the price of a particular product will go up by 10% or whatever the tariff is, Ortega said. The tariff only applies to the value of the product at the border, Ortega said. Then there are additional costs to the product, which are accrued domestically, like transporting the goods to the store, distribution, wholesale costs and retail markups. Those things are not subject to the tariff, Ortega said. "The 10% 'default' tariffs alone represent a truly historic federal tax increase, maybe the largest in my lifetime, with a highly regressive impact," Gremillion said. While higher tariffs could still be coming after a 90-day-pause, the baseline 10% tariff on all goods, plus higher duties on Chinese products already in effect are a big increase in food costs for American's budgets, said Thomas Gremillion, director of food policy at The Consumer Federation of America. "The short answer is yes, prices are going to go up," said David Ortega, a food economist and professor at Michigan State University. "They may not skyrocket for all imported products, but they will go up. Tariffs are a tax on imports, so by definition, they are inflationary." It depends, those in the food industry say. The United States produces and manufactures a lot of its food domestically, but also relies a lot on imported goods. How are tariffs – and the threat of higher tariffs – going to affect grocery prices in the United States? Story continues "Will it be tariffed going in (to China), tariffed coming out and then it will become uneconomical for everybody?" Swanson asked. Consumers have year-round demand for produce, fruits Fresh produce will also likely cost more. "Consumers will feel these price hikes at the grocery store, especially for products where we rely on imports to meet year-round consumer demand,'' Ortega told USA TODAY. Shoppers' demand for fresh fruits twelve months a year is part of the reason why the United States imports many of them, Ortega said. "We rely on international trade and imports for agricultural products in order to meet year-round consumer demand for a lot of these items," Ortega said. The United States can't grow some of the products domestically, such as bananas, or can only produce them seasonally, Ortega said. In many cases, it's cheaper to import food than to grow it domestically, largely due to labor cost differences, he said. Similarly, though a small amount of coffee is grown in Hawaii, "we don't grow enough coffee domestically to be able to meet consumer demand," he said. "So those things that are facing 10% tariffs, you will see the price go up," Ortega said. He added that: "low-income households are affected the most, since they spend a higher portion of their disposable income on food." Some food items at the grocery store could see increases due to tariffs while others, which are grown or produced in the United States, won't. Prices for some food products could go up, even without tariffs Some retailers may still increase the price of a product, even if the product itself wasn't subject to a tariff, said Chris Costagli, vice president and food insights lead for NielsenIQ. Manufacturers have something called "industry price gap management," which is the comparison of the price of their product versus their competitor, Costagli said. Even if you're a completely U.S.-based food product, "if all your competitors' prices are going up because they're affected by a tariff... you may raise your price, he said. Additionally, a food product may have been made in the United States, so it doesn't have a tariff levied on it, but the packaging or other ingredients to make the food may be imported, Costagli told USA TODAY. That could lead to a price hike. Consumers are confused about tariffs In a NielsenIQ study in March, 81% of consumers surveyed said they were somewhat familiar with the effect of tariffs on grocery prices and 73% believed the tariffs would impact the price of groceries. The survey was conducted when tariff discussion was only surrounding Canada and Mexico and before the reciprocal tariffs were announced, then paused and the hefty tariffs on China were implemented. But keeping track of tariffs is confusing, especially as the tariff policies have changed. There is a 25% tariff on goods from Mexico and Canada, unless they are products covered under an agreement called the United States-Mexico-Canada-Agreement (USMCA) and a 10% baseline tariff on all imported goods from other countries. There is a 145% tariff on goods imported from China. When Trump first announced the tariffs, he said all goods, including those coming from Mexico and China and covered under the USMCA agreement, would be subject to the extra fees. But then the president backed off that decision, saying the USCMCA-covered goods would not be tariffed. Additionally, there was a 90-day pause on any reciprocal tariffs beyond the 10%. Some agricultural and food products are covered under the USMCA, but it is difficult to distinguish which products are currently coming in with or without tariffs because there's an extra cost and hassle for importers to verify themselves under the USMCA, so some may just pay the tariff, Ortega said. And many are having to wait and see what other tariffs might happen. "I think a lot of people just have no idea what is what is tariffed and what isn't tariffed," Costagli said. Some food items at the grocery store could see increases due to tariffs while others, which are grown or produced in the United States, won't. U.S. produces a lot of its own food, so prices could come down The United States grows and produces a lot of food products and is a huge net surplus producer, which means "we need to take that product out to the global markets. We just produce too much of it," said Michael Swanson, Chief Agricultural Economist at Wells Fargo Agri-Food Institute. We export about 15% of our poultry overseas and about 20% of our pork overseas, Swanson said. "If we lost some of those markets, that would have to stay in the domestic market and could actually depress prices," he said. "So we might actually see pork and poultry prices come down as the market has to sell it in America first before they can reduce the supply on an ongoing basis," he said. To save, look for substitutions Consumers can try to save money by sticking to foods that are grown, produced or manufactured in the United States – and there's a lot of them, said Swanson. There will still be some things that they will have to pay more for, if there is no substitution or if they're not willing to trade for a different product, he said. For instance, champagne from the Champagne region of France or Parmesan cheese that only comes from Parma, Italy. But there are growers of parmesan cheese in Wisconsin and that product is cheaper than the Parma, Italy version. Consumers may consider other substitutions like trying bourbon from Kentucky instead of scotch from Scotland, which could increase in price due to tariffs, Swanson said. Study: Consumers worried about tariffs are pulling back on spending Some products could see price increases Here are some food products that could see price increases, due to tariffs, according to Ortega: ◾Bananas: nearly all bananas consumed in the United States are imported (from countries like Guatemala, Costa Rica, Ecuador, Colombia, etc). ◾Coffee: Outside of Hawaii and Puerto Rico, the United States does not grow much coffee. Tariffs would hit virtually the entire supply – we import coffee from Brazil, Colombia, Vietnam and other countries. ◾Olive oil: The vast majority of olive oil consumed in the United States is imported, with a lot of it coming from Europe. There is some production in California, but that is relatively negligible when you look at the full supply. Tips to save on food costs Gremillion, with the Consumer Federation of America, offers these tips to save on food costs with potential tariff increases: ◾Watch out for big price swings. With so much seafood imported, fish prices seem likely to rise, but other impacts may come as a surprise. For example, prices for chicken breasts and thighs may go up due to Chinese retaliatory tariffs on frozen chicken feet, which threaten to cut off a $1.1 billion source of revenue for U.S. poultry processors. ◾Make a list and stick to it. Food manufacturers in the U.S. spend an estimated $50 billion on placement and promotional fees to grocery chains, all with the intention of swaying your purchasing decisions. ◾Beware of shrinkflation. Wary of driving away customers with higher prices, many manufacturers have taken to shrinking package contents. Look at the per-unit cost. ◾Check out frozen, dried, and canned goods. 'Healthy' foods include more than just fresh produce. ◾Consider generic or 'store' brands. These foods, also referred to as 'private-label brands,' are often produced in the same manufacturing facilities, with the same ingredients, as more heavily marketed national brands. ◾Sales aren't always good deals. Sometimes sales can lure you into buying an item you don't need or paying a price that is too high. Betty Lin-Fisher is a consumer reporter for USA TODAY. Reach her at blinfisher@ or follow her on X, Facebook, or Instagram @blinfisher and @ on Bluesky. Sign up for our free The Daily Money newsletter, which will include consumer news on Fridays, here. This article originally appeared on USA TODAY: Will grocery store prices increase with tariffs? We explain.
Yahoo
06-05-2025
- Business
- Yahoo
How will Trump's tariffs affect grocery store prices? We explain.
"A lot of seafood is caught here and then taken to China, where the labor is much more available and is a lower price to debone, to skin, to devein and then repackage, frozen and brought back to the United States," he said. The question is, will that face tariffs? One category that could be especially hit is seafood, Swanson said. It remains to be seen how that will be tariffed, especially with the trade war going on with China. "For consumers, this can mean added difficulties in managing a food budget. For food companies, this means havoc on supply chains that could lead to more food waste and more food safety risk," Gremillion said. Tariffs are causing uncertainty from families checking off their grocery lists to companies importing food , he said. Overall, 15% of the U.S. food supply is imported, including 32% of fresh vegetables, 55% of fresh fruit, and 94% of seafood, according to the Consumer Federation of America, citing the U.S. Food and Drug Administration. Some products, like coffee and bananas, are almost exclusively grown abroad. So that doesn't mean that the price of a particular product will go up by 10% or whatever the tariff is, Ortega said. The tariff only applies to the value of the product at the border, Ortega said. Then there are additional costs to the product, which are accrued domestically, like transporting the goods to the store, distribution, wholesale costs and retail markups. Those things are not subject to the tariff, Ortega said. "The 10% 'default' tariffs alone represent a truly historic federal tax increase, maybe the largest in my lifetime, with a highly regressive impact," Gremillion said. While higher tariffs could still be coming after a 90-day-pause, the baseline 10% tariff on all goods, plus higher duties on Chinese products already in effect are a big increase in food costs for American's budgets, said Thomas Gremillion, director of food policy at The Consumer Federation of America. "The short answer is yes, prices are going to go up," said David Ortega, a food economist and professor at Michigan State University. "They may not skyrocket for all imported products, but they will go up. Tariffs are a tax on imports, so by definition, they are inflationary." It depends, those in the food industry say. The United States produces and manufactures a lot of its food domestically, but also relies a lot on imported goods. How are tariffs – and the threat of higher tariffs – going to affect grocery prices in the United States? Story Continues "Will it be tariffed going in (to China), tariffed coming out and then it will become uneconomical for everybody?" Swanson asked. Consumers have year-round demand for produce, fruits Fresh produce will also likely cost more. "Consumers will feel these price hikes at the grocery store, especially for products where we rely on imports to meet year-round consumer demand,'' Ortega told USA TODAY. Shoppers' demand for fresh fruits twelve months a year is part of the reason why the United States imports many of them, Ortega said. "We rely on international trade and imports for agricultural products in order to meet year-round consumer demand for a lot of these items," Ortega said. The United States can't grow some of the products domestically, such as bananas, or can only produce them seasonally, Ortega said. In many cases, it's cheaper to import food than to grow it domestically, largely due to labor cost differences, he said. Similarly, though a small amount of coffee is grown in Hawaii, "we don't grow enough coffee domestically to be able to meet consumer demand," he said. "So those things that are facing 10% tariffs, you will see the price go up," Ortega said. He added that: "low-income households are affected the most, since they spend a higher portion of their disposable income on food." Some food items at the grocery store could see increases due to tariffs while others, which are grown or produced in the United States, won't. Prices for some food products could go up, even without tariffs Some retailers may still increase the price of a product, even if the product itself wasn't subject to a tariff, said Chris Costagli, vice president and food insights lead for NielsenIQ. Manufacturers have something called "industry price gap management," which is the comparison of the price of their product versus their competitor, Costagli said. Even if you're a completely U.S.-based food product, "if all your competitors' prices are going up because they're affected by a tariff... you may raise your price, he said. Additionally, a food product may have been made in the United States, so it doesn't have a tariff levied on it, but the packaging or other ingredients to make the food may be imported, Costagli told USA TODAY. That could lead to a price hike. Consumers are confused about tariffs In a NielsenIQ study in March, 81% of consumers surveyed said they were somewhat familiar with the effect of tariffs on grocery prices and 73% believed the tariffs would impact the price of groceries. The survey was conducted when tariff discussion was only surrounding Canada and Mexico and before the reciprocal tariffs were announced, then paused and the hefty tariffs on China were implemented. But keeping track of tariffs is confusing, especially as the tariff policies have changed. There is a 25% tariff on goods from Mexico and Canada, unless they are products covered under an agreement called the United States-Mexico-Canada-Agreement (USMCA) and a 10% baseline tariff on all imported goods from other countries. There is a 145% tariff on goods imported from China. When Trump first announced the tariffs, he said all goods, including those coming from Mexico and China and covered under the USMCA agreement, would be subject to the extra fees. But then the president backed off that decision, saying the USCMCA-covered goods would not be tariffed. Additionally, there was a 90-day pause on any reciprocal tariffs beyond the 10%. Some agricultural and food products are covered under the USMCA, but it is difficult to distinguish which products are currently coming in with or without tariffs because there's an extra cost and hassle for importers to verify themselves under the USMCA, so some may just pay the tariff, Ortega said. And many are having to wait and see what other tariffs might happen. "I think a lot of people just have no idea what is what is tariffed and what isn't tariffed," Costagli said. Some food items at the grocery store could see increases due to tariffs while others, which are grown or produced in the United States, won't. U.S. produces a lot of its own food, so prices could come down The United States grows and produces a lot of food products and is a huge net surplus producer, which means "we need to take that product out to the global markets. We just produce too much of it," said Michael Swanson, Chief Agricultural Economist at Wells Fargo Agri-Food Institute. We export about 15% of our poultry overseas and about 20% of our pork overseas, Swanson said. "If we lost some of those markets, that would have to stay in the domestic market and could actually depress prices," he said. "So we might actually see pork and poultry prices come down as the market has to sell it in America first before they can reduce the supply on an ongoing basis," he said. To save, look for substitutions Consumers can try to save money by sticking to foods that are grown, produced or manufactured in the United States – and there's a lot of them, said Swanson. There will still be some things that they will have to pay more for, if there is no substitution or if they're not willing to trade for a different product, he said. For instance, champagne from the Champagne region of France or Parmesan cheese that only comes from Parma, Italy. But there are growers of parmesan cheese in Wisconsin and that product is cheaper than the Parma, Italy version. Consumers may consider other substitutions like trying bourbon from Kentucky instead of scotch from Scotland, which could increase in price due to tariffs, Swanson said. Study: Consumers worried about tariffs are pulling back on spending Some products could see price increases Here are some food products that could see price increases, due to tariffs, according to Ortega: ◾Bananas: nearly all bananas consumed in the United States are imported (from countries like Guatemala, Costa Rica, Ecuador, Colombia, etc). ◾Coffee: Outside of Hawaii and Puerto Rico, the United States does not grow much coffee. Tariffs would hit virtually the entire supply – we import coffee from Brazil, Colombia, Vietnam and other countries. ◾Olive oil: The vast majority of olive oil consumed in the United States is imported, with a lot of it coming from Europe. There is some production in California, but that is relatively negligible when you look at the full supply. Tips to save on food costs Gremillion, with the Consumer Federation of America, offers these tips to save on food costs with potential tariff increases: ◾Watch out for big price swings. With so much seafood imported, fish prices seem likely to rise, but other impacts may come as a surprise. For example, prices for chicken breasts and thighs may go up due to Chinese retaliatory tariffs on frozen chicken feet, which threaten to cut off a $1.1 billion source of revenue for U.S. poultry processors. ◾Make a list and stick to it. Food manufacturers in the U.S. spend an estimated $50 billion on placement and promotional fees to grocery chains, all with the intention of swaying your purchasing decisions. ◾Beware of shrinkflation. Wary of driving away customers with higher prices, many manufacturers have taken to shrinking package contents. Look at the per-unit cost. ◾Check out frozen, dried, and canned goods. 'Healthy' foods include more than just fresh produce. ◾Consider generic or 'store' brands. These foods, also referred to as 'private-label brands,' are often produced in the same manufacturing facilities, with the same ingredients, as more heavily marketed national brands. ◾Sales aren't always good deals. Sometimes sales can lure you into buying an item you don't need or paying a price that is too high. Betty Lin-Fisher is a consumer reporter for USA TODAY. Reach her at blinfisher@ or follow her on X, Facebook, or Instagram @blinfisher and @ on Bluesky. Sign up for our free The Daily Money newsletter, which will include consumer news on Fridays, here. This article originally appeared on USA TODAY: Will grocery store prices increase with tariffs? We explain.
