WEST LAFAYETTE (AP) — Purdue’s May Consumer Food Insights observed food spending at its highest level since the report’s inception, with consumers spending six to seven percent more on food now than they were a year ago.
The survey assesses food spending, consumer satisfaction and values, support of agricultural and food policies, and trust in information sources.
The report also tracked an uptick in food insecurity rates.
Some highlights of the insights include Food insecurity being up to 16 percent but remains around the range we have seen since January 2022.
Consumers say they are spending almost seven percent more on food, but their reported food spending is around four percent higher than a year ago.
Officials say it is important to keep an eye on whether people can afford the food they need while inflation catches up with consumers.
“I think food spending really is a reflection of how happy people are with their overall dietary patterns and options available to them. So, some of the news isn’t very positive in the short run, but it’s not all bad news,” Head of Agricultural Economics Department at Purdue Jayson Lusk said.
He also says that there are improvements in grocery store stocks as well as a reduction in consumers saying they can’t find wanted items.
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