Key insights include:
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64% of consumers predict food prices to rise in the coming year, and expected inflation is 3.7%.
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Those who predict higher food prices place a higher value on food affordability.
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Average weekly consumer food expenditures rose to $195 per week, up 7% from February of last year.
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Consumers who predict food prices to rise spend a slightly larger share of their food budget on FAH (1.2%).
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Inflation expectations differ by political affiliation with 71% of Republicans and 54% of Democrats expecting higher food prices.
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Average weekly food-away-from-home (FAFH) meals are trending downward as FAFH inflation persists (5.1%).
Survey Questionnaire: February 2024
Formulas and Calculations
Past Consumer Food Insights
WHAT WOULD YOU LIKE TO KNOW ABOUT CONSUMERS?
If you are interested in additional analysis or adding questions to the survey, consider joining our Consumer Insights consortium. Contact rdevans@purdue.edu to learn more.
March 13, 2024