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A Decade of Grocery Prices for 30 Common Items



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%
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%
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%
Ice cream$3.95$4.7019.0%
Wheat bread$1.71$1.9916.4%
Red delicious apples$1.12$1.2915.2%
White bread$1.20$1.3411.7%
American cheese$3.84$4.2811.5%
Salted butter$3.07$3.3810.1%
Boneless pork chop$3.60$3.826.1%
Navel oranges$1.28$1.333.9%
Boneless chicken breast$3.43$3.21-6.4%
Whole milk$3.50$3.24-7.4%

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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The Fertilizer Market: 4 Things Investors Need to Know in 2023

What factors are impacting the fertilizer market in 2023? Here are four trends driving global fertilizer demand.



Graphic showing the top importing and exporting countries for fertilizer
The following content is sponsored by Brazil Potash
Fertilizer market and what investors need to know in 2023

4 Things Investors Need to Know About the Fertilizer Market in 2023

Food security is of crucial importance many reasons—from ensuring both political and social stability, to supporting the health of the global economy.

You may be surprised to learn that fertilizer plays a crucial role in food security by enhancing the quantity and quality of harvests. In short, fertilizers can make food more affordable and accessible.

The above infographic sponsored by Brazil Potash digs into four major trends currently impacting the demand of fertilizer. Let’s break them down here.

1. Feeding 10 Billion People by 2050

The world’s population is increasing rapidly and is expected to reach nearly 10 billion by 2050. This growth is particularly strong in developing countries where food security is already strained.

As the population grows, more crops are needed to support global food systems. Increasing crop production is essential and the fertilizer market is a critical ingredient in improving crop yields.

2. Less Farmland

After around 10,000 to 12,000 years of reshaping land for agriculture, the amount of arable land on earth is declining.

Based on the agricultural expansion predicted to take place between 2010 and 2050, an estimated 593 million hectares of agricultural land—nearly twice the size of India—will be needed.

With little room left to grow, fertilizers will take on an increasingly critical role in boosting crop production.

3. The World Needs More Fertilizer

The global fertilizer market was valued at $163.2 billion in 2021 and is expected to reach $203.5 billion by 2027, growing at a CAGR of 3.9% during period of 2022-2027.

As population growth continues to drive demand for increased crop production, investment in fertilizer production is essential to meet this growing demand.

4. The Global Fertilizer Supply Chain

Supply chain disruptions in the fertilizer market puts global food security at risk.

Farmers’ ability to access a consistent and affordable fertilizer supply directly affects crop yields, production, and food prices. 

Increasing the supply of domestically produced fertilizer in countries heavily reliant on imports will support low-cost, sustainable, in-market fertilizer for farmers who need it.

Let’s break down the top five fertilizer-exporting countries based on value, according to Statista.

Country Value of Fertilizer Exports, 2021
🇷🇺 Russia$12.49B
🇨🇳 China$11.47B
🇨🇦 Canada$6.61B
🇲🇦 Morocco$5.71B
🇺🇸 United States$4.05B

On the other hand, here are the top five fertilizer-importing countries, based on value from the same source.

Country Value of Fertilizer Imports, 2021
🇧🇷 Brazil$15.16B
🇺🇸 United States$10.29B
🇮🇳 India$9.12B
🇫🇷 France$2.8B
🇨🇳 China$2.77B

Russia currently dominates the fertilizer market as the largest exporter based on dollar value at approximately $12.49 billion dollars, while Brazil is the largest importer of fertilizer based on an import value of approximately $15.2 billion dollars.

Investing in Brazil

Large agricultural producers that rely heavily on fertilizer imports, such as Brazil, would benefit from a local supply that farmers can easily and affordably access to improve crop production.

Fertilizer company Brazil Potash is engaged in the extraction and processing of local potash ore to increase yields and strengthen crop growth in Brazil.

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Interested in learning more? Click here to learn about how you can invest in the fertilizer market with Brazil Potash.

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