New Delhi, July 22 -- FOR MANY characters in fiction, the central drama of their story concerns their grocery bills. Jean Valjean is imprisoned for stealing a loaf of bread; Mrs Lovett strikes an unholy alliance with Sweeney Todd for access to a source of free meat for her pie business. According to a recent survey of Americans, such drama has come for them too: almost two-thirds cite paying for groceries as a major source of financial stress, twice the share that mention other large or recently volatile expenses, including housing and fuel prices.

At first glance the panic is understandable. Grocery prices in America have climbed by around a quarter since 2020, exceeding nominal wage growth (see chart). Shoppers might even feel some sym...