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Friday November 17, 2017

Some perspective on U.S. food prices

The American Farm Bureau Federation’s 31st annual informal price survey of classic items found on the Thanksgiving table indicates the average cost of this year’s feast for 10 will be down by 24 cents, coming in at $49.87 vs. last year’s average of $50.11. The big ticket item – a 16-pound turkey – came in at a total of $22.74 this year. That’s roughly $1.42 per pound, a decrease of 2 cents per pound, or a total of 30 cents per whole turkey, compared to 2015.

That good news for consumers comes even as CNN Money takes note of stock-price increases for several upscale grocers rising in response to the election of President-Elect Donald Trump. CNN interprets the trend as the market betting Trump's economic plan will lead to more inflation, particularly inflation in agricultural commodities and, eventually, food prices. And any hint of significant food-price inflation typically spurs calls to improve Americans' "food security" by, among other measures, guaranteeing basic income levels and increasing food-relief programs.

But how bad is America's food inflation?

USDA makes a series of charts available that disect its food-expenditure figures over time. They demonstrate that although food prices have inflated over the years, American consumers continue to enjoy food at a relative share of personal income that's a fraction of other countries, and is overshadowed by other consumer expenditures.

Food spending compared to others

Food spending compared to others

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Partners

Supported by the Nebraska Farm Bureau

The farm and ranch families represented by Nebraska Farm Bureau are proud sponsors of the Farmer Goes to Market program. We take great pride in supporting Nebraska's agricultural foundation. A key part of that effort is to make sure we produce safe and affordable food. This newsletter is an important part of our effort to connect the two most important parts of the food chain -- the farmer and the grocer -- with the goal of increasing consumer awareness and information about how their food is raised in Nebraska.


Supported by the Nebraska Corn Board

The Nebraska Corn Board, on behalf of 23,000 corn farmers in Nebraska, invests in market development, research, promotion and education of corn and value-added products. The board aims to work closely with the farmer-to-consumer food chain, to educate everyone about the role corn has in our everyday healthy lives. The Nebraska Corn Board is proud to sponsor the Farmer Goes to Market program to help bring its mission of expanding demand and value of Nebraska corn to the consumer, through the strongest touch point in that chain: the Nebraska retail grocer.


In patnership with the Nebraska Grocery Industry Association

The Nebraska Grocery Industry Association was formed in 1903 by a group of Omaha grocery store owners, wholesalers and vendors to allow them to promote independent food merchants and members of the food industry, and to promote education and cooperation among its membership. NGIA continues to represent grocery store owners and operators, along with wholesalers and vendors located throughout Nebraska, by promoting their success through proactive government relations, innovative solutions and quality services. NGIA offers efficient and economical programs. NGIA also lobbies on both a state and national level, ensuring that the voice of the food industry in Nebraska is heard by our representatives.


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