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Insight of the Day: With food inflation still hot, consumers turn to buy now, pay later to buy groceries and takeout

As food inflation continues to rise, consumers are turning to buy now, pay later (BNPL) services to purchase groceries and takeout. With the cost of food increasing, more people are looking for ways to spread out their payments and manage their budgets.

BNPL services allow consumers to make purchases and pay for them later in installments, typically over a few weeks or months. This can be a helpful option for those who may not have the cash on hand to cover the full cost of groceries or takeout at once.

According to a recent survey, 39% of consumers have used a BNPL service to purchase groceries or food delivery in the past year. This trend is expected to continue as food prices remain high and consumers look for ways to stretch their budgets.

While BNPL can be a convenient option for some, it's important to be aware of the potential pitfalls. Late payments or high fees can quickly add up, so it's important to read the terms and conditions of any BNPL service before using it.

Overall, as food inflation persists, consumers are likely to continue turning to alternative payment options like BNPL to help manage their grocery and takeout expenses.

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