{"id":30274,"date":"2018-01-28T11:34:27","date_gmt":"2018-01-28T16:34:27","guid":{"rendered":"http:\/\/olduvai.ca\/?p=30274"},"modified":"2018-01-28T11:34:27","modified_gmt":"2018-01-28T16:34:27","slug":"visualizing-real-inflation-a-decade-of-grocery-prices-for-30-common-items","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=30274","title":{"rendered":"Visualizing Real Inflation – A Decade Of Grocery Prices For 30 Common Items"},"content":{"rendered":"
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Visualizing Real Inflation – A Decade Of Grocery Prices For 30 Common Items<\/a><\/span>\u00a0<\/span><\/h3>\n<\/div>\n
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Over the span of 2000-2016, the amount of money spent on food by the average American household increased from $5,158 to $7,203, which is a 39.6% increase in spending<\/strong><\/em><\/u>.<\/p>\n

Despite this, as Visual Capitalist’s Jeff Desjardins notes<\/a>, for most of the U.S. population, food actually makes up a decreasing portion of their household spending mix because of rising incomes over time. Just 13.1% of income was spent on food by the average household in 2016, making it a less important cost than both housing and transportation.<\/p>\n

That said, fluctuations in food prices can still make a major impact on the population. For lower income households, food makes up a much higher percentage of incomes at 32.6%<\/strong> \u2013 and how individual foods change in price can make a big difference at the dinner table.<\/p>\n

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Only prices of three items fell: <\/strong><\/u>chicken breasts (-6.4%), whole milk (-7.4%), and eggs (-14.9%).<\/p>\n

However, the average price increase for all items was 22%, <\/strong>buoyed especially by meats like bacon (58.2%), ground beef (44.6%), top round steak (40.6%), frozen turkey (38.3%) and sirloin steak (35.2%).<\/p>\n

THE FUTURE OF FOOD<\/u><\/strong><\/p>\n

As we\u2019ve previously noted, technology is being applied to agriculture and food in really interesting ways \u2013 and the\u00a0future of food<\/a>\u00a0could be very different than what we see today.<\/em><\/strong><\/p>\n

How will the grocery prices of everyday staples be affected by growth in automated vertical farms, aquaponics, in vitro meats, and artificial animal products?<\/p>\n

With shifting consumer preferences towards more local and sustainable products, it will be interesting to revisit this data in the coming years.<\/p>\n

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Visualizing Real Inflation – A Decade Of Grocery Prices For 30 Common Items\u00a0 Over the span of 2000-2016, the amount of money spent on food by the average American household increased from $5,158 to $7,203, which is a 39.6% increase in spending. Despite this, as Visual Capitalist’s Jeff Desjardins notes, for most of the U.S. […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[18189,426,13351,18190,12504,4318],"class_list":["post-30274","post","type-post","status-publish","format-standard","hentry","category-economics","tag-food-price-inflation","tag-inflation","tag-price-inflation","tag-real-inflation","tag-visual-capitalist","tag-zerohedge"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/30274","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=30274"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/30274\/revisions"}],"predecessor-version":[{"id":30275,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/30274\/revisions\/30275"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=30274"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=30274"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=30274"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}