Consumers are spending more of their budgets on food than they have in 30 years.
And high food costs could stick around for a while, executives and small business owners have said.
US consumers spent 11.3% of their disposable income on food in 2022, The Wall Street Journal reported on Wednesday, citing data from the US Department of Agriculture.
The last time food made up as much of their spending was in 1991, the Journal reported.
AdvertisementIt looks like elevated food costs will likely stick around, too.
Persons:
it's, —, haven't, It's, François, Xavier Roger, Roger, Brian Will, they've, Steve Cahillane
Organizations:
Service, Street, US Department of Agriculture, Business
Locations:
Georgia