In the face of high fuel prices and rising interest rates, American consumers find a real bargain in food.
According to estimates just released by the USDA’s Economic Research Service (ERS), Americans paid just 9.9 percent of their disposable income on food last year. Although up slightly from 2004’s all-time low of 9.7 percent, this represents the sixth year in a row that expenditures have been below 10 percent of disposable income. The expenditure has been steadily declining since 1933 when it reached a high of 25.2 percent.
Source:
USDA, Economic Research Service