Concern Over Food Prices
Food's Role in Current Round of Inflation
Food prices are leading this country's current wave of inflation and, being most visible to the average shopper, may become troublesome politically this fall as mid-term congressional elections approach. The most recent monthly Consumer Price Index, released July 28, marked the sixth consecutive month of steady increases in food prices. They amounted to 9 percent for the first half of the year, making food the fastest-rising segment of the nation's cost of living.
Unlike the situation with most economic goods, there is little margin for people to cut their consumption when food prices rise. And food is a big part of most family budgets. While government statistics indicate that the average household probably spends about 18 ...