Groceries and gas are top purchase pain points, TD Bank finds

For years, consumers have tried to keep up with the rising cost of living, but some may be reaching their limit.
On Friday, the personal consumption expenditures price index showed that consumer spending stayed strong even as inflation remains stubbornly elevated and the cost of food and other goods continues to rise.
However, Americans are now increasingly leaning on credit cards to buy essentials like gas and groceries, according to TD Bank, which provided CNBC with an exclusive early look at its new credit card pulse check survey.
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Grocery prices rose by 2.7% in August from a year earlier, the fastest annual pace since August 2023, according to the latest consumer price index.
Currently, groceries make up the bulk of credit card purchases for many Americans, with 46% citing it as their top spending category in a typical month, the TD Bank survey found.
Whether it’s a dozen eggs or a pound of coffee, Americans are having a hard time adjusting to current prices, other research also shows. In a recent report by Wells Fargo, about 90% of consumers said they experienced some form of