Food Costs On the Rise?
How does your food budget stack up against the national average?
$719 The current U.S. median weekly income.
$70.50 Current average weekly food expenditure in the U.S.*
60% The increase in the prices of commodity foods—such as corn, wheat, rice, soybeans, etc.—over the last 2 years.
$3.38 The price per bushel of corn in 2007.
$4.97 The price per bushel of corn in 2008.**
$77 Our average weekly food expenditure (+$6.50), if the price of commodity foods were to increase by 50 percent.
$6.50 The price of two Starbucks lattes.
* Calculations based on percent of income spent on food in 2007 and U.S. median weekly income in third quarter 2008. **Average based on data from January to September 2008.
SOURCES: Bureau of Labor Statistics, Economic Research Service.