With food costs rising, most Americans are looking at their food bills and trying to figure out ways to cut them.
A family of two eating on a thrifty meal plan will spend $4,092 on food this year, according to the U.S. Department of Agriculture Center for Nutrition Policy and Promotion. The amount of increase from last year is $252.
This two-person family eating on a liberal food budget will spend $8,009 on groceries in 2008, an increase of $497 over last year.
These USDA food plan costs are based on preparing all meals and snacks at home.
Among the foods that cost more are ground beef, milk, chicken, apples, tomatoes, lettuce, coffee and orange juice, according to the federal Bureau of Labor Statistics.
Food prices increased 4.2 percent last year, the largest annual increase since 1990, Joseph Glauber, chief economist for the department was quoted as saying on the MarketWatch page of the Wall Street Journal Web site. Prices are expected to rise another 4 to 5 percent this year, though the foods contributing to the inflation will change.
Last year, eggs rose 29 percent, while other dairy products were up 7 percent. Poultry increased more than 5 percent. Consumers are paying $4 for a gallon of milk in some cities.
Prices will keep going up this year, but at smaller rates, Glauber also said. However, prices on fats and oil will rise 8 percent to 9 percent on top of last year’s 2.9 percent increase. Cereals and bakery products are expected to jump 7.5 to 8.5 percent following last year’s 4.4 percent increase.
For more information on the food plans, see the USDA Food Plans: Cost of Food.
Upcoming posts on Unlocking The Power of Your Money will include:
- Changes Consumers Are Making Due to Rising Food Prices
- 35 Ways to Cut Your Food Bill
- Why Food Prices Are Rising
