Consumers Worried About Tariffs and Food Prices
A recent study from the University of Illinois reveals that many consumers believe tariffs will raise their food prices.
Maria Kalaitzandonakes emphasized that concerns about tariffs often tie into worries about inflation. “When people think about the economy, they mostly focus on food and gas prices,” she said. These two costs significantly influence how individuals feel about their financial well-being.
The survey, conducted in February, found that even before tariffs took effect, many people were already adjusting their spending habits. Kalaitzandonakes stated, “A lot of respondents mentioned they are cutting back on non-essential purchases because of the uncertainty around rising prices.”
The Gardner Food and Agricultural Policy Survey highlighted that expectations about food price hikes varied by political affiliation. Among respondents, 74.6% of Republicans and Independents, along with 85.4% of Democrats, believed that tariffs would push food costs higher. This aligns with a long-standing trend observed in past administrations: people’s political views often shape their economic outlook. When their preferred party is in power, they tend to feel more optimistic.
Interestingly, 34.2% of those surveyed reported stockpiling more goods, with 83.7% of those being food and beverages. This indicates a proactive approach to potential price increases.
AUDIO: Listen to Maria Kalaitzandonakes discuss how consumers view tariffs and their impact on food prices.
