Politically conservative Americans tend to overestimate and liberals to underestimate the annual inflation rate for food, according to a poll of 1,200 consumers by Purdue University. The difference in views is 3 to 4 percentage points, said Purdue researchers on Wednesday.
“The divergent perceptions of food inflation between liberals and conservatives is interesting to observe,” said agricultural economist Jayson Lusk, who oversees the monthly Consumer Food Insights report. Food spending is similar across the political spectrum, “so this would not explain the difference in food price perceptions,” said Purdue.
In an August survey, liberals pegged the food inflation rate in the past year at 6 percent and said prices would rise 3 percent in the coming 12 months. Conservatives said food prices soared by 9 percent in the past year and would climb 7 percent in the year ahead. The USDA estimates food prices will rise by about 8 percent in 2022 and 3 percent in 2023; the long-term average is 2.4 percent annually. The monthly CPI report by the Bureau of Labor Statistics said the food inflation rate was 11.4 percent for the 12 months ending in August.
Poll participants said they spent an average of $181 a week on groceries and eating out during August, a decrease of $10 from July. “Consumer estimates of annual food price inflation for both the past 12 months and next 12 months also continue to decrease, which suggests that the fall in price categories like gas might be influencing consumers to believe that food prices are falling, too,” said the report.