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Affordability is a 'defining challenge' for Americans, with food costs leading the way, report finds

📰 source: cnbc_topnews · 💼 business

a new report by the mckinsey institute for economic mobility and the w.k. kellogg foundation finds affordability is the 'defining challenge' for economic mobility, with food costs leading the way. the survey of 30,000 americans found 90% cited groceries and food prices as a top cost concern, even over housing and healthcare.

meanwhile, the june cpi showed food costs up 3% year over year, and food-at-home prices are up about 25% over five years. urban institute data shows many families are relying on credit cards and buy now, pay later to pay for groceries, with a large share carrying balances and missing payments. nearly 1 in 10 adults used bnpl for groceries, and 35% of those missed a payment. a separate lendingtree survey found 29% of bnpl users used it for groceries, up from 14% two years ago.

even some higher-income households struggled with repayments, suggesting the challenge is broad-based. as one expert put it, households face 'sustained pressure' leading to larger debt burdens that are harder to pay down.

why it matters: food inflation drives families into credit card and bnpl debt, raising risks for consumer spending and financial stability.

source: cnbc_topnews
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Surprise fall in US jobs last month as slow summer continues

Homes are selling below asking in 38 of the 50 biggest U.S. cities—if you can afford one

China is gaining ground in AI. But the U.S. still has a major advantage

US strikes $1.2bn deal to pay German firm to halt offshore wind projects