Walmart's CEO Has Some Encouraging News for Americans Struggling With High Food Prices

When inflation started surging in 2021, one area where consumers immediately felt the pain was grocery prices. Food is, after all, an essential expense, and one that can be hard to reduce. 

Now, the good news is that in October, the cost of groceries was only up 2.1% on an annual basis, according to that month's Consumer Price Index. But we may be headed for a period of shrinking food prices -- says Walmart CEO Doug McMillon. 

In November, McMillon said, "We may see dry grocery and consumables start to deflate in the coming weeks and months." And if he's right, countless U.S. households may get relief.

But general deflation aside, you can take a few steps to save money on groceries. Here are some strategies to employ if you've been struggling with the cost of putting food on the table.

1. Take advantage of discount grocery stores

For a discount grocer like Aldi to work for you, you need to be willing to step outside of your comfort zone with brand names. But if you're willing to go off-brand to save some money, then shopping at discount grocers is a smart strategy. 

In many cases, buying pantry staples made by a company you've never heard of won't mean compromising on taste or quality. For example, let's say your family eats a lot of pasta. Pasta, by nature, is going to taste like whatever sauce you put on it. So if you can spend $1.05 per box at a store like Aldi versus $1.49 at your regular grocery store, why not go with the former?

2. Buy in bulk when it makes sense

If there are food products your family eats regularly, then it pays to seek out opportunities to buy those items in bulk. You'll often snag a discount for buying bulk quantities, and you don't necessarily need a membership to a store like Sam's Club or Costco to do so. 

Regular supermarkets often carry certain items in bulk, though the selection may be limited. Amazon stocks different grocery items in bulk, too, from granola bars to chips and popcorn. 

You may want to make a list of non-perishable items your family consumes the most. Then, spend a little time comparing prices at different retailers to see which option results in the most savings for you. 

3. Read the supermarket circular

Your grocery store circular may not seem like the most compelling read. But sometimes, supermarkets discount staple items in a big way. That allows you to stock up while the price is right. Do yourself a favor and spend two minutes seeing what's on sale before you toss that circular in the trash.

If you have a month when your grocery bills aren't as large, you may want to specifically take the money you didn't spend, move it into your savings account, and earmark it for stock-ups. That way, for example, if your kids' favorite cereal goes on sale from $3.99 a box to $1.99, you'll potentially have the option to buy five boxes at a time, even if your grocery budget normally only allows for one box. 

If you've been struggling to put food on the table, you aren't alone. We could see a period of lower food costs in the near term if the aforementioned projection winds up being accurate. But even if not, you can still take some steps to save on your own.