Have you ever wondered what makes up the amount of money you spend on food?
The United States Department of Agriculture released its annual breakdown of the country’s food dollar earlier this month giving consumers an answer to this question.
While we’ve visited this topic in past years, the minuscule amount of money (10.8%) that goes back to the farm (where your food was raised) is simply amazing. Our farmers and ranchers continue to produce year after year meeting demands in a way that is efficient, profitable and yet highly affordable for consumers.
And thanks to America’s food producers, we spend a lower percentage of our income on food than any other nation in the world!
A couple of things to keep in mind as prices inevitably rise at the grocery store…
- Farm commodities make up only 10% of food costs, so don’t be quick to blame the price of corn, soybeans or beef without considering the nine other components that make up your food dollar.
- Secondly, remember that our food is very affordable compared to any other country in the world. We are very blessed.
For more information on the food dollar, click the link below: http://www.ers.usda.gov/data-products/food-dollar-series/food-dollar-application.aspx?reportPath=/FoodDollar/Nominal&table_num=1&year=2011