Food cost compared to income is highest in 30 years

CNNWire
Thursday, February 22, 2024
Food cost compared income highest in 30 years
It's been 30 years since food ate up this much of Americans' income.

It's been 30 years since the cost of food ate up this much of your income, according to the U.S. Labor Department.

American consumers are now spending 11.3% of their disposable income on food.

According to the latest USDA data available, that hasn't happened since President George H.W. Bush was in office.

Eating continues to cost more, whether it's in restaurants, take-out, or at home.

Mandisa performs during the Dove Awards Tuesday, Oct. 7, 2014, in Nashville, Tenn.
AP Photo/Mark Humphrey

Prices at dining establishments jumped more than 5% last month compared to January.

There's little relief to be found at the grocery store either with cocoa prices reaching a 46-year record in February.

Economists believe that food prices are not likely to stabilize soon.

While commodities like corn, wheat, and chicken have gotten cheaper, they are being offset by higher prices for sugar, beef, and French fries.

Food prices are the highest relative to income in 30 years.