Tag Archives: food prices

Cha-Ching

7 Jan

Price of Food PictureWe are just a week into 2014 and I have seen multiple news outlets and television shows talk about what food prices will look like in the coming year. We in the agricultural community talk food prices all the time. We are constantly following the market and clearly understand what drives the price of the food we eat. How much rain did corn crops get? How are herd numbers? What’s the weather been like in South America? And their are many other factors.

But, today I realized that the general public has no clue what truly drives the prices of their milk, bread, eggs and steak. They can make guesses, but it seems little thought is put into why they pay what they pay. I had the Rachael Ray Show on today and a segment called Financial Food Planning caught my attention. They surveyed the audience comparing two items and asked them which they thought would go up in price in the coming year. Many audience members were right and others way off. The question that keeps nagging me is do they know why they were right or wrong.

LearnVest.com CEO and Financially Fearless author Alexa Von Tobel explains to Rachael and co-host Bill Bellamy which foods will cost you more money in the new year.

Rachael Ray – Financial Food Planning with Alexa Von Tobel

In the segment Alexa does a good job explaining in a second or less why one item might be more in 2014 than another. I only wish she could have spent at least 5 minutes explaining to the studio audience as well as, viewers at home.

My mother-in-law gives calendar for Christmas each year. This year mine had a Garfield theme and after the cute comic strip you can flip it over for a Daily Extra. Today I flipped it over and it just happened to be titled: 100 Years Ago…Food Prices in 1914 Chicago.

  • Milk: 9 cents per quart
  • Eggs: 35 cents per dozen
  • Bacon: 28 cents per pound
  • Potatoes: 18 cents per pound
  • Sirloin Steak: 26 cents per pound

For the most part, 100 years ago the price of food was determined the same way it is now. Did people know then? I guess that is why I am rambling on about food prices today. Do you think about why you pay what you pay at the grocery store or at the pump? If you do, do you think your neighbor does? Does it even matter if anyone knows why the price of milk, eggs, bacon, potatoes or steak is what it is?

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