Food Away From Home
Dan Basse of AgResource says inflation has made consumers reconsider their daily meals …
BASSE … “This will be the first year that Americans spend more money outside the home than home. So, you would think, well, maybe they're going out after the pandemic and having fine dining. Not the case, they are really trading down and they're having more fast food because all of a sudden, a McDonald's 8.50 Quarter Pounder and Cheese with fries and Coke is a value.”
Basse says what it comes down to is, an issue regarding nutrition and incomes that cannot keep up with inflation …
BASSE … “More and more as you look at the data, you're seeing the lines formed around these fast food entities 4:30 to 8:00 at night, and it's something that I think we as Americans need to be aware of in terms of what it means nutritionally, but maybe more important is what America needs to do in terms of elevating incomes to get to where these people can afford what they're consuming.”
However, prices for food away from home are increasing, as well. The latest Consumer Price Index finds prices for food away from home rose 8.4 percent from February 2022 to February 2023.
Prices for food at home rose 10.2 percent over the last 12 months, down from 11.3 percent in January 2023.