Written by Sally Kestin, Asheville Watchdog.
Grocery prices have increased 25 percent in four years, outpacing inflation and staying high as the cost of other products such as gasoline and appliances have come back down.
As Asheville Watchdog recently reported, some food companies have taken advantage of inflation and the pandemic to boost profits and reward executives and shareholders.
The CEO of Ingles Markets received a 55 percent pay increase to $3.3 million in fiscal year 2023 from $2.1 million in 2021, according to a U.S. Securities and Exchange Commission filing in January. The board chairman received nearly $8 million last year, including a $6.6 million bonus.
The gap between CEO pay and average employee wages has widened at Ingles and other food companies as consumer prices for groceries have soared.
The Watchdog went shopping to see how the Black Mountain-based Ingles stacked up against competitors and which grocery store in Buncombe County had the best prices.
Reporters visited nine grocery stores Feb. 3 – 5 and compared costs for 18 items, using the lowest price – usually a store brand – sale item or the price available through in-store savings programs such as Ingles Advantage and Harris Teeter VIC. Some prices were higher because some stores carry only organic versions of the items.
The total cost for the 18 items, before tax, ranged from $37.55 at Aldi to $74.82 at The Fresh Market. Aldi was cheaper than competitors Walmart, Target, and Trader Joe’s overall and was the least expensive of all the stores in two-thirds of the items on our list.
The more traditional supermarkets – Harris Teeter, Publix, and Ingles – were within $1.47 of one another in total cost, with Ingles being the least expensive. Whole Foods was higher than all three but $11.29 less than The Fresh Market.
Prices varied widely by product. A gallon of whole milk, for instance, was $2.49 at Target and $8.99 at The Fresh Market.
A dozen large eggs cost $1.39 at Target and $4.19 at Whole Foods. Butter cost $3.69 at Aldi and $5.26 at Publix.
A pound of 90 percent lean ground sirloin was more uniform: $7.49 to $7.99 at most stores, but only $5.09 at Aldi.
Name brand products were difficult to compare because not all the stores carried them and prices varied widely among those that did.
A 30-ounce jar of Duke’s mayonnaise ranged from $4.45 at Publix to $6.99 at The Fresh Market. A pint of Ben & Jerry’s ice cream was $4 at Whole Foods, Target, and Ingles, $4.48 at Walmart, and $5.99 at The Fresh Market, Publix, and Harris Teeter.
Asheville Watchdog is a nonprofit news team producing stories that matter to Asheville and Buncombe County. Sally Kestin is a Pulitzer Prize-winning investigative reporter. Email [email protected]. To show your support for this vital public service please visit avlwatchdog.org/donate.