March 16, 2011
By P.J. Huffstutter, Los Angeles Times
Americans spend only about 10% of their annual incomes on food, compared with as much as 70% in other countries, but with prices climbing, some economists wonder whether the nation's abundance of affordable food is history.
American consumers have long enjoyed a luxury that few others could boast: an abundance of affordable food. But with prices of wheat, corn and other staples soaring, some economists and scientists are wondering how long that can last.
"Food prices have been rising a lot faster, because underlying costs have really shot up. You're seeing some ingredients up 40%, 50%, 60% over last year," said Ephraim Leibtag, a U.S. Department of Agriculture economist. "When you see wheat prices close to 80% up, that's going to ripple out to the public." LINK...
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