Inflation aside, Americans spend more for food
Americans opened their wallets to spend a record amount on food last year, even when inflation is considered, partly because they like the convenience of take-out and restaurant food, said two USDA economists. Outlays on food away from home grew by an inflation-adjusted 11 percent last year at the same time inflation was driving up prices.
Americans’ spending on food plunged during pandemic
The pandemic and its accompanying economic slowdown prompted a dramatic 7.8 percent cutback in consumer spending on food in 2020, said two USDA economists. The reduction was more than double the impact of the Great Recession on food sales, partly because the pandemic temporarily shut down most of the food service sector.
Three meals a day, if you include work or TV
Americans are devoting less time to meals than they did a decade ago and waiting longer before eating them, according to two USDA analysts. The old idea of three meals a day applies to 21st century America only if you include food consumption that is secondary to something else, such as working or watching TV and movies.
On food spending, recession hit middle-income households the hardest
If they didn’t tighten their belts, Americans certainly pinched their pennies on food during the 2008-09 recession and the recovery that stretched far into this decade, say USDA economists. Middle-income households continued to spend less on food through 2016.
A rare year for food prices — up only 1 percent
U.S. food prices will rise by a marginal 1 percent this year, the second-smallest increase since 1974, and it's all due to lower grocery prices, said a government forecast. Groceries, which are the bulk of food spending, would cost less this year than they did in 2015 — the first taste of price deflation at the supermarket since 1967.