A clear majority of Americans say that food prices increased more than any other household expense in the past year and that the food inflation rate is three times higher than its current 2.1 percent, according to a Purdue University survey released on Wednesday. Memories of surging food prices in 2022 and 2023 “are likely influencing consumer sentiment toward and experiences with recent food prices,” said the Center for Food Demand Analysis and Sustainability.
Some 56 percent of participants in a monthly survey of 1,200 Americans said that in the past year, the price of food had increased the most out of a list of expenses that included housing, utilities, insurance, transportation, healthcare, leisure, education and childcare. In fact, almost every category on the list had a larger price increase than food, though none of them were selected by more than 10 percent of respondents.
“It’s possible the high frequency with which we shop for food could make higher food prices more salient to consumers,” said Joseph Balagtas, director of the Purdue center. “Media attention to food could also play a role.”
Consumers taking part in the survey said that food prices had increased 6.2 percent in the past 12 months and that they expect food prices will rise 3.6 percent in the year ahead.
The government’s Consumer Price Index report, also released on Wednesday, said food prices had increased 2.1 percent in the past 12 months. The food inflation rate has declined almost without a break since peaking at 11.4 percent in August 2022.
According to the Purdue survey, American households spend an average of $197 a week on groceries and restaurant or carryout food, up 2.6 percent from last May and up 7 percent from May 2022.