Agriculture
A Decade of Grocery Prices for 30 Common Items
A Decade of Grocery Prices for 30 Common Items
Over the span of 2000-2016, the amount of money spent on food by the average American household increased from $5,158 to $7,203, which is a 39.6% increase in spending.
Despite this, for most of the U.S. population, food actually makes up a decreasing portion of their household spending mix because of rising incomes over time. Just 13.1% of income was spent on food by the average household in 2016, making it a less important cost than both housing and transportation.
That said, fluctuations in food prices can still make a major impact on the population. For lower income households, food makes up a much higher percentage of incomes at 32.6% – and how individual foods change in price can make a big difference at the dinner table.
Fluctuating Grocery Prices
Today’s infographic comes from TitleMax, and it uses data from the Bureau of Labor Statistics to show the prices for 30 common grocery staples over the last decade.
We’ve summarized the statistics in the following table to show the grocery prices in 2007 and 2017, as well as the total percentage change.
| Grocery item | 2007 price | 2017 price | % Change |
|---|---|---|---|
| Sliced bacon | $3.66 | $5.79 | 58.2% |
| Pasta | $0.88 | $1.28 | 45.5% |
| Dried beans | $0.94 | $1.36 | 44.7% |
| Ground beef | $2.85 | $4.12 | 44.6% |
| All-purpose flour | $0.36 | $0.52 | 44.4% |
| Creamy peanut butter | $1.79 | $2.56 | 43.0% |
| Top round steak | $4.11 | $5.78 | 40.6% |
| Potatoes | $0.52 | $0.72 | 38.5% |
| Frozen turkey | $1.15 | $1.59 | 38.3% |
| Sirloin steak | $5.97 | $8.07 | 35.2% |
| White rice | $0.55 | $0.72 | 30.9% |
| Chocolate chip cookies | $2.70 | $3.47 | 28.5% |
| Seedless grapes | $2.09 | $2.67 | 27.8% |
| Sugar | $0.51 | $0.65 | 27.5% |
| Ice cream | $3.95 | $4.70 | 19.0% |
| Wheat bread | $1.71 | $1.99 | 16.4% |
| Red delicious apples | $1.12 | $1.29 | 15.2% |
| Tomatoes | $1.65 | $1.90 | 15.2% |
| Broccoli | $1.59 | $1.81 | 13.8% |
| White bread | $1.20 | $1.34 | 11.7% |
| American cheese | $3.84 | $4.28 | 11.5% |
| Salted butter | $3.07 | $3.38 | 10.1% |
| Bananas | $0.51 | $0.56 | 9.8% |
| Lemons | $1.86 | $2.01 | 8.1% |
| Boneless pork chop | $3.60 | $3.82 | 6.1% |
| Navel oranges | $1.28 | $1.33 | 3.9% |
| Strawberries | $2.20 | $2.21 | 0.5% |
| Boneless chicken breast | $3.43 | $3.21 | -6.4% |
| Whole milk | $3.50 | $3.24 | -7.4% |
| Eggs | $1.68 | $1.43 | -14.9% |
Only prices of three items fell: chicken breasts (-6.4%), whole milk (-7.4%), and eggs (-14.9%).
However, the average price increase for all items was 22%, buoyed especially by meats like bacon (58.2%), ground beef (44.6%), top round steak (40.6%), frozen turkey (38.3%) and sirloin steak (35.2%).
The Future of Food
As we’ve previously noted, technology is being applied to agriculture and food in really interesting ways – and the future of food could be very different than what we see today.
How will the grocery prices of everyday staples be affected by growth in automated vertical farms, aquaponics, in vitro meats, and artificial animal products?
With shifting consumer preferences towards more local and sustainable products, it will be interesting to revisit this data in the coming years.
Agriculture
What’s Behind The Rise Of Food Prices?
Many variables contribute to the rising cost of global food. Let’s take a look at two major factors influencing food prices in recent years.
The Rise Of Food Prices
The World Food Price Index reached an all-time high in March 2022 before gradually falling for nine months to December 2022. But what caused this surge?
There are many variables contributing to the rising cost of global food, but supply chain disruptions and climate change are two major drivers for the spike in prices over the most recent years.
The above graphic from Brazil Potash explores how these two factors are contributing to the most recent rise in food prices.
1. Supply Chain Disruptions
The COVID-19 pandemic and Russia’s invasion of Ukraine have caused major disruptions to global food systems, altering trade patterns, production, and consumption of commodities.
The pandemic placed unprecedented stress on global food systems through a variety of factors, including a change in consumer food consumption, workforce restrictions, and trade pattern disruptions, causing food prices to rise.
Then, on February 24, 2022, Russia invaded Ukraine, blocking vital exports of commodities for international food systems, and causing a sharp spike in food prices.
Ukraine was the fourth largest global exporter of cereals before the invasion. Combined, Russia and Ukraine export around 28% of the world’s wheat and 15% of its maize.
Simultaneously the fertilizer industry has also felt the strain, with the trade of essential fertilizers for crop production impacted by both the COVID-19 pandemic and the war in Ukraine.
2. Climate Change
As global temperatures rise and weather patterns become more unpredictable, we are seeing an increase in extreme weather events that are having a devastating effect on crops around the world.
India’s rice crop fell by around 8% in 2022 due to a lack of rainfall, while drought conditions in the EU have resulted in grain yields that are approximately 16% below the five-year average.
According to NASA, if greenhouse gas emissions continue to rise at the current rate, maize yields are projected to decline by 24% by 2030, in contrast, wheat may rise by around 17%.
The below video details NASA predictions for maize yields.
Weather conditions have a direct impact on crop production, which in turn affect food prices.
The Role of Fertilizer
Rising food prices are a concern as they directly impact food security. When prices rise, it becomes more difficult for people to afford enough food to meet their needs. This can lead to hunger, malnutrition, and social and political instability.
There are steps that can be taken to mitigate the effects of rising food prices, such as increasing and diversifying the global fertilizer supply. Diversifying the fertilizer supply can alleviate pressure caused by supply chain disruptions.
Additionally, using fertilizers that improve plant resistance to environmental stress factors such as drought and can help to increase crop yields.
Brazil Potash will produce a vital crop nutrient that improves plant resistance to environmental stress factors such as drought, enabling greater yields to feed a growing population.
Click here to learn more about fertilizer and food production in Brazil.
-
Energy2 hours agoVisualizing U.S. Consumption of Fuel and Materials per Capita
Wealthy countries consume large amounts of natural resources per capita, and the U.S. is no exception. See how much is used per person.
-
Economy3 hours agoThe $16 Trillion European Union Economy
This chart shows the contributors to the EU economy through a percentage-wise distribution of country-level GDP.
-
VC+3 hours agoGet VC+ Before Prices Increase on February 1st
Prices for our premium memberships will be increasing on Feb 1st. Act now and get VC+ at its current rate.
-
Automotive1 day agoThe Most Fuel Efficient Cars From 1975 to Today
This infographic lists the most fuel efficient cars over the past 46 years, including the current leader for 2023.
-
Technology3 days agoRanked: The Top 50 Most Visited Websites in the World
In this visualization, we rank the top 50 websites that receive the most internet traffic, from Google to CNN.
-
Markets4 days agoCharted: The Dipping Cost of Shipping
After a dramatic spike during the pandemic, shipping costs have now fallen back to Earth. What does that mean for shippers and the economy?
-
Economy3 hours ago
The $16 Trillion European Union Economy
-
Markets2 weeks agoThe Biggest Global Risks of 2023
-
Energy2 hours ago
Visualizing U.S. Consumption of Fuel and Materials per Capita
-
Markets4 weeks agoTop Heavy: Countries by Share of the Global Economy
-
Politics1 week agoVisualizing the World’s Top 25 Fleets of Combat Tanks
-
Money4 weeks agoU.S. Inflation: How Much Have Prices Increased?
-
Energy1 week agoThe Periodic Table of Commodity Returns (2013-2022)
-
Misc4 weeks agoInfographic: The Longest Lasting Cars, in Miles