Business

Cheaper Beer, Cigarettes Gain Favor as Inflation Pinches Shoppers



Shoppers are trading down to cheap beer brands and discount cigarettes as they feel more pressure on their pocketbooks.

Consumer prices in the U.S. rose at a 9.1% annual rate in June, the fastest pace in nearly 41 years, as strong consumer demand has collided with persistent supply shortages. In a survey released this month by the National Retail Federation, nearly half of consumers said that because of rising prices on everyday necessities, they were switching to cheaper alternatives.



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