The chart above, first posted at Carpe Diem, is an interesting snapshot of America. We have the lowest food costs in the world.
Interesting threads in the comments. I’d add that Household Compensation includes money spent as a result of various programs; food stamps et. al.
From the post:
Relative to our total household spending, Americans have the most affordable food on the planet — only 6.7% of the average US household budget goes to food consumed at home. European countries like Spain, France, Belgium, and Norway spend twice that amount on food as a share of total expenditures, and consumers in countries like Turkey, China, and Mexico spend three times as much of their household budgets on food as Americans (see full list of countries at the link above).
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For America’s increasingly affordable food over time, which has also been the most affordable in the world as a share of household spending for many years, we can thank the innovation, technological advances, and ever-greater supply-chain and distributional efficiencies that drive America’s farming industry, which in turn drive down food prices relative to other goods and services and relative to our income.