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A Decade of Grocery Prices for 30 Common Items

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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 item2007 price2017 price% Change
Sliced bacon$3.66$5.7958.2%
Pasta$0.88$1.2845.5%
Dried beans$0.94$1.3644.7%
Ground beef$2.85$4.1244.6%
All-purpose flour$0.36$0.5244.4%
Creamy peanut butter$1.79$2.5643.0%
Top round steak$4.11$5.7840.6%
Potatoes$0.52$0.7238.5%
Frozen turkey$1.15$1.5938.3%
Sirloin steak$5.97$8.0735.2%
White rice$0.55$0.7230.9%
Chocolate chip cookies$2.70$3.4728.5%
Seedless grapes$2.09$2.6727.8%
Sugar$0.51$0.6527.5%
Ice cream$3.95$4.7019.0%
Wheat bread$1.71$1.9916.4%
Red delicious apples$1.12$1.2915.2%
Tomatoes$1.65$1.9015.2%
Broccoli$1.59$1.8113.8%
White bread$1.20$1.3411.7%
American cheese$3.84$4.2811.5%
Salted butter$3.07$3.3810.1%
Bananas$0.51$0.569.8%
Lemons$1.86$2.018.1%
Boneless pork chop$3.60$3.826.1%
Navel oranges$1.28$1.333.9%
Strawberries$2.20$2.210.5%
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.

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Agriculture

Mapped: The Anatomy of Land Use in America

The U.S. covers an immense 3.8 million square miles—what is all this land currently used for, and what does that mean for the future?

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Mapped: The Anatomy of Land Use in America

The United States is not just an economic and political giant on the global stage—the country also has one of the largest land masses at its disposal.

Altogether, the country spans 3.8 million square miles (9.8 million km²)—making it the third largest country in the world. Even without factoring Alaska and Hawaii into the calculations, the contiguous U.S. land mass can fit up to 30 European countries within it.

With this much ground to work with, it raises the natural question of how land actually gets used by America’s economy. For example, what percentage of land is taken up by urban areas, and how much farmland and forests exist in comparison?

Today’s maps from the McHarg Center put America’s wide variety of land uses into perspective.

The Components of U.S. Land Use

As the U.S. prepares to add 100 million more people this century, the “2100 Project: An Atlas for the Green New Deal” provides a snapshot of U.S. land use (as of 2017), aimed at managing resources to support this future.

According to this data, here is a snapshot of land use in the Lower 48 States:

Land typeLand use (%)Land area
Total100%3,120,000 mi²
Forests27%842,400 mi²
Shrubland24%748,800 mi²
Agriculture17%530,400 mi²
Grasslands and Pasture17%530,400 mi²
Wetlands5%156,000 mi²
Other5%156,000 mi²
Open Space3%93,600 mi²
Urban Areas2%63,400 mi²

Let’s dive into the specifics of three types of land: urban areas, forests, and agriculture.

Editor’s note: click on any map below to see a large, high-resolution version, which will open in a new window.

Small But Mighty: U.S. Urban Areas

It’s clear that even a little space goes a long way. Although urban areas take up only 2% of land, an overwhelming majority of Americans call cities their home. As of 2018, urbanites made up over 82% of the U.S. population.

Where people go, productivity often follows. In 2018, it’s estimated that 31 county economies made up a whopping 32% of national GDP. Most of these counties were located in and around major cities, such as Los Angeles or New York.

urban-areas-820px

Although urban areas are a small part of the overall land they’re built on, they’re integral to the nation’s continued growth. According to research by the McKinsey Global Institute, it’s estimated that by 2030, 60% of job growth could come from just 25 hubs.

Seeing Green: America’s Vast Forests

On the flipside, forests account for over a quarter of land in the U.S., divided almost evenly between deciduous and evergreen trees. Many protected national and state parks can also be found in and around forests.

forests-parks-wetlands-820px

On the mainland, California and Oregon are the states with the most forested land—unfortunately, they have also been plagued by wildfires in recent, dry summer months.

Wetlands are also included in the map above, particularly around the southern tip of Florida, where Everglades National Park is located. Over the years, many wetlands were drained to make way for agriculture, particularly in the Great Lakes megaregion. As a result, it’s estimated that their area today is only half of what they once used to be.

Home Grown: Agriculture in the U.S.

Last but not least, the final set of maps show where America grows its food. Agricultural, food, and related industries contributed $1.05 trillion (5.4%) to U.S. GDP in 2017.

agriculture-grassland-820px

Wheat, corn, and soybeans are the major crops grown in the U.S.—and cotton also makes the cut as a profitable non-food crop. Much of these crops feed not only Americans, but other parts of the world too. Soybeans, corn, and wheat are exported across the Pacific mainly to China and Japan.

crop-types-820px

Corn, in particular, is a unique crop with a myriad of uses, from food to fuels. Up to 40% of U.S. corn is turned into livestock feed, with cows consuming over half (56%) of this amount.

At present, the U.S. is the world’s largest beef producer, followed by Brazil. In fact, beef production takes up 40% of total livestock-related land use domestically.

meat-production-820px

Although fewer American consumers are opting for meat in their diets, production has remained at high rates. Further, as incomes continues to increase worldwide, the global appetite for meat is set to rise along with it.

Future Land Use

The U.S. population is set to grow by 100 million more people over the coming decades, raising the pressure on limited U.S. land and natural resources. This pressure will be felt everywhere, from dense urban land to agricultural farmland.

How the land gets utilized will shape the country’s future for years to come.

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Agriculture

An Investing Megatrend: How Climate Change and Resource Scarcity are Shaping the Future

Learn how climate change and resource scarcity are affecting our most basic needs, and how investors can take advantage of this growing megatrend.

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climate change and resource scarcity

If you’ve ever played with dominos, you’re familiar with their cascading effects. Gently nudge one piece, and the force will ripple throughout the rest.

This process of cause and effect works much the same way in society and business: as global forces take hold, their effects are deeply intertwined with the financial markets.

The Climate Megatrend

Today’s infographic comes from BlackRock, and it explains how one such megatrend, climate change and resource scarcity, will be a long-term opportunity for investors.

Climate Change and Resource Scarcity

Earth in the Hot Seat

In 2018, global CO2 emissions rose 1.7% to the highest level since 2013. These rising emissions have intensified the effects of climate change, with 2015-2018 being the four hottest years ever recorded. Society and the economy are starting to feel its negative consequences:

  • Extreme weather events have become more frequent. In particular, floods and other hydrological events have quadrupled since 1980.
  • In hotter, wetter conditions, infectious diseases spread more easily—between 2004-2017, total tick-borne illnesses increased by 163%.
  • The global insured losses from natural catastrophes was $79 billion in 2018.
  • Extreme weather effects, and the health impact of burning fossil fuels, cost the U.S. economy at least $240 billion in 2018.

It’s clear that climate change is having an immediate, serious impact on the world.

Many see climate change as a long-dated future risk, however, our research findings show that compared to the 1980’s, there are measurable GDP impacts in the market today

-Brian Deese, Global Head of Sustainable Investing at BlackRock

In addition to these issues, climate change is contributing to another problem: it’s becoming harder to feed the global population.

Over 7 Billion Mouths to Feed

Climate change significantly threatens global food security. As glaciers melt, the world’s freshwater supply—including what’s available for food production—melts with it. This is a significant problem, considering that between 2,000-5,000 liters of fresh water are needed to produce one person’s daily food intake.

As an added hurdle to food production, supply and demand are pulling in opposite directions.

The share of total employment in agriculture has dropped significantly over time. Even worse, among the food that is able to be harvested, roughly 30% is lost or wasted globally.

On top of limited resources, the world will have to contend with forces driving up food demand.

  • Population growth: By 2050, the global population will grow by about two billion.
  • More calorie-rich diets: As emerging economies grow their wealth, their populations seek richer foods like meat and dairy products.

How can society combat these pressing issues?

A Greener, More Plentiful Future

As society works to slow climate change and produce more with less, a myriad of investment opportunities will emerge.

  • Renewable energies are becoming increasingly competitive.
  • Electric & fuel cell vehicles are growing in market share.
  • Products made from recycled materials are appealing to environmentally-conscious consumers.
  • Agricultural machinery counters the declining workforce and increases productivity.
  • Precision agriculture leverages real-time environmental data to help farmers make decisions.

Climate change and resource scarcity will be a driving force behind the actions of consumers, companies, and governments for years to come.

By staying attuned to this megatrend, investors will be able to spot long-term opportunities.

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