Higher prices at big-box retailers are squeezing middle-income shoppers, who've avoided the brunt of inflationary pressure — until recently.
In fact, for the first time in the past year, middle-income consumers — with a yearly income of $40,000 to $80,000 — recently overtook low-income shoppers as the group most affected by rising grocery prices, according to a report by consumer insights and data company Numerator.
But the gap between income groups closed up in the week of May 8 and middle-income consumers started to become more affected than lower income groups in the week of May 15, seeing a 13.3% increase in the average price of their grocery expenditure compared to last year. Higher prices hit big-box stores Middle-income shoppers likely saw higher grocery price increases due to recent price hikes at big-box stores including Target TGT and Walmart WMT , as well as dollar stores, a Numerator spokesperson told MarketWatch.
Target, Walmart, Dollar General and Family Dollar did not respond immediately to requests for comment.
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