May 7/Upper Saddle River, N.J./Press Release -- Feeding a family of four at home will cost about $4 more each week this year than in 2012. Meanwhile, away-from-home food spending is projected to rise approximately $2.40 each week. Statistics from the Bureau of Labor Statistics, analyzed and compiled by The Food Institute, offer direct, actionable information that reflects current demographic compositions in the U.S. and provides a forecast for the future based on measurable trends in the just-releasedDemographics of Consumer Food Spending, 2013 edition.
Nearly a quarter of that projected increase in retail food prices will come from the meat case, where prices are seen rising almost $1 per week from 2012 levels. As a result, overall expenditures for food-at-home are forecast to total about $108 per week this year for a U.S. household of four. These projections are derived from analysis of statistics in The Food Institute's newDemographics of Consumer Food Spending, 2013 edition, a source of pertinent data for any marketer of consumer goods.
"Information about where food costs and expenditures may be headed is invaluable for our 1,700 members and the entire food industry, for their marketing and growth strategies," commented Food Institute president and CEO Brian Todd. "U.S. consumers should be aware that even with increased food inflation, U.S. food costs as a percent of overall annual expenditures continue to make up only about 7.7% of their total spending, the smallest among almost all nations."