Inflation reduces buying power as $100 goes a lot less far these days

The amount of household staples Americans can buy for a $100 bill has been eroded by nearly one third over the past five years, according to data pointing to the pressure consumers are facing due to the compounding effects of high inflation.

NielsenIQ's 2024 Consumer Outlook shows the cost of fast-moving consumer goods (FMCG) including groceries and other necessities like toiletries has soared by 31% since 2019, and indicates the problem will get worse, as wage growth is expected to lag behind the consumer price index (CPI) this year.