Inflation’s impact on food prices has been more noticeable in 2022, however. ![]() In 1987, when households were spending an average of $3,664 on food, their average pretax income was $27,326 compared to 2020’s average household income of $84,352. Of course, incomes have also risen to keep up with inflation throughout the years. How does that compare to what people paid 10, 20 or even 30 years ago? In 2007, the average household spent $6,133 on food. According to the Consumer Price Index, which measures price changes for consumer goods, food price increases were closely in line with overall inflation over the past few years.īased on the latest Consumer Expenditures survey, the average household spent $7,317 on food – including food eaten at home or dining out. Food Spending Through The Yearsįood spending, in line with all other spendings, has generally risen steadily through the years. To figure out the average cost of groceries that American consumers are shelling out for food each year, look to the Bureau of Labor Statistics’ annual Consumer Expenditures survey, which reports how much people spend on various consumer goods. Of course, there’s a difference between food spending guidelines and what people actually end up spending. Use the information that is helpful to you while factoring in your own needs and living expenses. These plans don’t factor in individual dietary restrictions or health needs. However, there are limits to these plans, as there is no standard for an individual household’s needs and eating patterns. They break down each plan by food category and tell you how many pounds of each food type is recommended based on an individual’s age and sex. Then, you can check out the USDA publications (there’s two: one for the Thrifty plan and one for the other three) that include specific recommendations for each plan. A family of four, with two children between the ages of 6 and 8, will pay about $1,476 per month.Ī good way to figure out which plan is best for you is to look at your current food budget and compare it to the USDA recommendations. On the Liberal plan, an individual aged 19 – 50 will spend $387.10 – $436.70 per month.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |