Americas Food Bill Falls to 60 Year Low

KANSAS CITY, MO – The amount of money the U.S. consumer invested in food last year during the coronavirus pandemic fell to the lowest share in 60 years according to the Economic Research Service (ERS). After remaining steady for the past 20 years, the share of a consumer’s disposable personal income (DPI) spent on food slipped to 8.62 percent (down from 9.95 percent in 2000).

The change appears to be driven by a 22 percent drop in the amount spent by consumers at restaurants and a 1.4 percent increase in shopping at supermarkets. In addition, the amount of government assistance provided during 2020 through stimulus payments and increased unemployment insurance, added to the average American’s DPI.
(SOURCE: All Ag News)