Food costs on the rise

Nearly a quarter of a projected food increase will come from meat, for which prices are seen rising almost one dollar per week from 2012 levels.

Recent data from The Food Institute says that feeding a family of four at home will cost about $4 more each week in 2013 than in 2012, with average weekly expenditures for food hitting about $108. Meanwhile, away-from-home food spending is projected to rise about $2.40 each week. Where exactly does this price increase stem from?? Nearly a quarter of that projected increase will come from meat, for which prices are seen rising almost one dollar per week from 2012 levels. Food Institute President and CEO, Brian Todd comments however, that even with increased food inflation, “U.S. food costs, as a percent of overall annual expenditures, continue to make up only about 7.7% of their total spending - the smallest among almost all nations." These price projections are derived from analysis of statistics in The Food Institute's Demographics of Consumer Food Spending and the U.S. Department of Agriculture's monthly food price outlook.