Food-Buffet

How are US consumers adapting to Rampant Food Inflation

By Keith Thuerk | Financial Stewardship | 12 Jun 2024


How are US consumers adapting to Rampant Food Inflation

US Food prices have been on the rise for the past 20-years, not just the past 4-years. Don't just blame one person or party the issues are numerous.

 

How is food inflation impacting Americans

  • Americans are skipping meals to save $,
    • A byproduct of skipping meals is buying unhealthy foods to fill their stomachs with something (AKA filling the void)
  • 80% consider Fast Food a luxury item; wow.
  • Are we moving into an era of endangered eating?
  • But the Gov. and media arm state inflation is nearing their 2% rule, hmm, the chart below is in disagreement.

Food-Costs

Food Impact by Age Categories 

US Seniors (aka Baby Boomers) - this group was born 1946-1964. Baby Boomer Shoppers Spend More on Essentials, Less on Nice-to-Haves items. Also show they spend 23% of their personal income on groceries and household essentials in the next month. This is more than any other generation and this is supposed to be the generation with the most money. Hmm?

Gen X born between 1965-1980 - have shown they are more likely to eat at home vs eating out

Gen Y (mostly known as Millennials) born between 1981 and 1994/6, show they are spending the least per age group. Are they all living at home?

Gen Z born between 1997 and 2012 only expected to spend 18% on these items. 

Gen A (yes we have wrapped around the alphabet) born in 2012 and expected to go thru 2025ish, (still up for debate apparently.) No data has been presented assume since they are just entering the workforce they will have less discretionary money for eating out. 

 

Shifting to Global View

The FAO Food Price Index, which tracks the international prices of a basket of globally traded food shows prices up for third straight month. Inflation is not under control folks!

If we focus just on three countries Gaza, Haiti and Sudan their food problems have been growing over the course of 5-years.

Add in more drought and massive storms damaging crops, don't overlook the worlds Wheat exporter is still at War, impacting exports. Food supply is under considerable strain. Do you feel it?

 

Summary 

Regardless of what age category you are in, and regardless of what you call the shortage of nutrient dense food (food insecurity, skipping meals, endangered food), rising food prices increase stress and insecurity here in America, think how bad the impact is in developing countries! One can surmise that foods prices are the cycle where prices rise; again. Putting further strain on already strained budgets!

How do you rate this article?

40


Keith Thuerk
Keith Thuerk

Currently learning about Crypto & DeFi to combat the Inflationary Tidal wave coming our way!


Financial Stewardship
Financial Stewardship

Bits and Pieces talking about Financial Stewardship

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.