While food prices in the US account for a smaller percentage of the the average family's total expense than in most foreign countries, it still represents a substantial part of the budget for lower income groups, and will ultimately affect the entire economy.
This article covers one part of the American diet... Ground beef. Year to year the average price is up 12%, and over the past five years, is up 81%.
Average Price of Ground Beef Hits All-Time High | CNS News
But this is only part of the overall price increase that we have already experienced... and just one of the foods that are projected to increase in the near future.
In the basic foods list, the following are some indicators that project to be substantially higher for specific reasons.
Pork... even though the virus affects just 10% of the pigs, the price of pork is already up 15% over last year.
Fruits, vegetables and nuts ... The California drought has already caused a 6% increase overall. The future prices are unpredictable.
Milk and egg prices are also on the increase, though not so much, and for reasons of overall dietary changes.
In comparing year over year, with the overall CPI more in the 1% to 3% range over the past five years, the projected increases in food will likely disproportionately affect lower income families, but will certainly have an effect on the overall economy.
Not all is lost, however as the corn/soybean crops for this fall, look to be in the record books. Good for consumers, not so good for futures...
I'm not an expert on this, so welcome your thoughts and any info that might prove interesting.
We have turned to whole chicken... $.95 lb @ Aldi's.
This article covers one part of the American diet... Ground beef. Year to year the average price is up 12%, and over the past five years, is up 81%.
Average Price of Ground Beef Hits All-Time High | CNS News
But this is only part of the overall price increase that we have already experienced... and just one of the foods that are projected to increase in the near future.
In the basic foods list, the following are some indicators that project to be substantially higher for specific reasons.
Pork... even though the virus affects just 10% of the pigs, the price of pork is already up 15% over last year.
Fruits, vegetables and nuts ... The California drought has already caused a 6% increase overall. The future prices are unpredictable.
Milk and egg prices are also on the increase, though not so much, and for reasons of overall dietary changes.
In comparing year over year, with the overall CPI more in the 1% to 3% range over the past five years, the projected increases in food will likely disproportionately affect lower income families, but will certainly have an effect on the overall economy.
2013 1.5%
2012 2.1%
2011 3.2%
2010 1.5%
2009 -.0.4%
Not all is lost, however as the corn/soybean crops for this fall, look to be in the record books. Good for consumers, not so good for futures...
I'm not an expert on this, so welcome your thoughts and any info that might prove interesting.
We have turned to whole chicken... $.95 lb @ Aldi's.
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