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Local Finance How to reduce the impact of rising food costs The "Food at Home" index of the most recent U.S. Bureau of Labor Statistics Consumer Price Index Summary has risen 4.7 percent over the last 12 months. A large part of the increase can be attributed to growing demand in emerging markets, which has led to higher prices for corn, rice and sugar. So, what can you do to help minimize the effect of rising food costs from spoiling your budget? Consider the following: • Make a list of what you need before you head to the store. Taking time upfront to create a menu for the week and then buying only the items on your grocery list can help you avoid impulse purchases. It may also reduce the amount you spend at the store and the volume of spoiled or expired food you toss out at home. • Clip coupons or sign up for online sites that enable you to print them. To help you take the most advantage of using coupons and where to find the best values, consider using free or subscription sites that compare store prices, such as couponmom.com or thegrocerygame.com. • Shop farmer's markets, which often have fresher produce at lower costs than grocery stores — in part because they offer in-season fruits and vegetables. Also, because the food is locally grown it costs less to transport. • Buy fresh foods. Typically, the more a food is processed and packaged, the more it costs. Shop the outside perimeter of your grocery store ─ this is typically where the fresh fruits, vegetables, dairy products, meats and baked goods are located. • Compare unit prices. Often included on the in-store shelving price tag, this price can help you identify the best value — and the larger size isn't always it. For example, you may find a two-pound package of strawberries prices at $5.99. Yet, if the one-pound packages of strawberries are on sale two for $5, that offers you the best value. • Buy in bulk and split the items and the cost with a family member or friend. This is especially beneficial if you like the prices offered at warehouse stores like Costco and Sam's Club but can't typically consume the quantity of their items before they expire. ### Brokerage, investment and financial advisor services are made available through Ameriprise Financial Services, Inc. Member FINRA and SIPC. Some products and services may not be available in all jurisdictions or to all clients. © 2010 Ameriprise Financial, Inc. All rights reserved.
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