Between groceries and restaurants, Americans are spending more of their income on food than they have in 30 years.

That’s according to the latest data from the USDA, which shows that U.S. consumers spent more than 11% of their disposable income on eating — whether at home or at a restaurant — in 2022, the highest percentage since 1991.

“This is really a metric that’s about the share of our disposable personal income which the USDA tracks, and which recently was at essentially a 31-year high,” Jesse Newman, food reporter for the Wall Street Journal, told CBS News.

Experts say painfully high food prices, and ongoing inflation more generally, help explain why many Americans are down on the economy despite low unemployment, rising wages and steady economic growth. Inflation is expected to continue slowing this year, with the National Association for Business Economists on Monday forecasting that the Consumer Price Index (CPI) — a basket of common goods and services — will decline to an annual rate of 2.4% this year, compared with 4.1% in 2023 and 8% in 2022.

  • @IamLost
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    309 months ago

    Yep, the CEO of our multi-billion dollar company recently sent an email congratulating everyone on a job well done and record profits this quarter, yet our department laid off everyone they newly hired and cut all our hours. My boss said he’s worked here for 30 years and he’s never seen cost cutting like this. It’s disgusting.