U.S. Consumers Spent More on Food in 2022 Than Ever Before, Even After Adjusting for Inflation

Eliana Zeballos and Wilson Sinclair

Amber Waves:The Economics of Food, Farming, Natural Resources, and Rural America, 2023, vol. 2023

Abstract: Real, or inflation-adjusted, annual food spending in the United States increased 70 percent from 1997 to 2022 to the highest level recorded. The 25-year climb was steady other than slight decreases during the Great Recession in 2008 and 2009 and a 6.4-percent annual drop in 2020, during the Coronavirus (COVID-19) pandemic. Spending on food at home (FAH) and food away from home (FAFH) increased from 1997 to 2022, but FAH rose at a slower rate (53 percent) than FAFH, which increased 89 percent. Real total food spending increased 11.4 percent in 2021 and 3.4 percent in 2022, driven by higher FAFH spending (up 19 percent in 2021 and 8 percent in 2022). Real FAH spending increased by 4 percent in 2021 but decreased by 2 percent in 2022.

Keywords: Consumer/Household Economics; Demand and Price Analysis; Financial Economics; Food Consumption/Nutrition/Food Safety; Food Security and Poverty; Health Economics and Policy; Political Economy; Public Economics; Research Methods/Statistical Methods (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:ags:uersaw:338934

DOI: 10.22004/ag.econ.338934

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