Consumers are significantly less likely to say that the U.S. has an affordable food supply than they were two years ago, according to a new consumer survey.
According to the Gardner Food and Agricultural Policy Survey, 50.1% of consumers said in May that the U.S. food is affordable, down from 55.6% in May 2023 and 59% in May 2022.
The cost of eating at home fell 0.2% in April and is up just 1.1% over the past year, according to the Consumer Price Index released in May. The cost of eating away from home was up 2.2% since April 2023.
Food affordability is one of seven dimensions of the food system the Gardner survey tracks, and it has seen the most change over the past two years.
The summer of 2023 saw the sharpest decline in the last two years, with only 49% of respondents believing the American food system produces affordable food.
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Due to high prices identified by consumers, fast food chains like McDonald’s, Wendy’s, and Burger King have announced lower-priced menus, according to authors of the survey report. Retailers such as Target, Walmart, Amazon, and Walgreens also claim to be cutting prices in response to consumer pushback.
GFAPS tracks consumer sentiment on policy issues in food and agriculture. As the November elections approach, “inflation will be a key issue for voters," according to authors of the report.
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