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Recognizing this inflation problem (and opportunity), President Donald Trump campaigned on reducing consumer food bills.
Whether or not he can put thissaved moneywhere his mouth is remains to be seen, however.
GOBankingRates asked financial experts for their take on Trumps plan to lower grocery costs.
However, he believes its achievable by resolving supply chain issues and boosting domestic energy production.
It would seem that many economists would argue this point, especiallywhen it comes to tariffs on imported foods.
Trump noted that farmers use a significant amount of energy to plant, grow and harvest their crops.
Then, it takes more fuel to ship the products to stores.
In theory, if the country produces more fuel, the price at the pump will drop.
The savings the farmers and shippers realize could then trickle down to consumers.
Common imports will be most affected and that will be reflected at checkout.
GOBankingRates previously reported on looming tariff implications on your grocery cart.
Two certified financial planners (CFPs) offered insight into the various aspects of Trumps plan.
Heres what they shared.
He pointed out, U.S. energy production is at all-time highs and it hasnt kept energy prices down.
[Their] primary goal is to maximize shareholder value, not lower prices for consumers.
Energy cost probably accounts for less than 10% of the price of groceries.
The largest cost for most companies is labor, he added.
Watson also noted that, in general, Lowering energy prices will not be easy.
Cecil Staton, president of Arch Financial Planning, is also skeptical.
He said, Regardless of the policy, lowering grocery prices is unlikely to be a realistic outcome.
Were too far gone.
Instead, my hope is that President Trumps plan will slow inflation and the rising cost of groceries.
Caitlyn Moorheadcontributed to the reporting for this article.
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