Why food prices still feel so high

PepsiCo said sales of its Frito-Lay snacks slumped in the most recent quarter as shoppers became more sensitive to rising prices. Justin Sullivan/Getty Images North America hide caption

Grocery prices are no longer climbing as much as they did in the last two years — but many Americans are still frustrated by what it costs to put food on the table.

Some people have apparently hit their limit. One of the biggest snack makers said this week that its sales fell this spring as grocery shoppers became more sensitive to rising prices.

Here are three things to know about food prices these days — and why it still feels more expensive at the checkout lane of your favorite grocery store.

It may not feel like it, but grocery prices have actually leveled off for the most part.

The latest consumer inflation report, out this week, showed grocery prices rose just a little over 1% in the last 12 months. That's a big improvement from the previous year, when prices jumped nearly 5%, and the year before that, when they soared by double digits.

However, leveling off is not the same as prices coming down, and the U.S. is still feeling the cumulative effect of those earlier increases.

And that leads to frustration for shoppers like Cindy Seinar, a retired autoworker in Lynchburg, Virginia.

"You go in for one thing, and you come out and it's $45," she says, describing her experiences at the grocery store.

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And for Seinar, just like for many other Americans, the frustration is compounded by "shrinkflation." That's when companies reduce package sizes, meaning you get less than you used tofor the same or sometimes even higher prices.

"Sugar is only 4 pounds," Seinar says. "You’re not even getting a 5-pound bag anymore."

Grocery prices are particularly noticeable because they are such a significant chunk of the typical family's budget, accounting for about 8% on average, according to government data. For lower-income families, it's often more than that.

For a while, many people just gritted their teeth and paid up — but Americans are starting to push back.