In 1991, U.S. consumers spent 11.4% of their disposable personal income on food, according to data from the U.S. Department of Agriculture. In 2022, consumers spent 11.3% of their disposable income on food, according to the most recent USDA data available. That’s starting to chip away at some sales for food makers and restaurant operators. Although it’s rare for food prices to retreat, it’s also unusual for prices to skyrocket as much as they have in recent years, said TD Cowen analyst Robert Moskow. He said he expects grocery prices to decline for a period this year as food makers come under pressure from consumers and retailers.

Source: Wall Street Journal February 21, 2024 12:18 UTC