The Dollar Index: How Might President Trump’s Tax Cuts Hurt the Dollar’s Value?

Broadly, the findings include:

· Food costs have risen by 27 percent since 1993. Between 2003 and 2008, prices rose faster than global food inflation, peaking at 34 percent. But prices also rose faster than food inflation between 2008 and 2010.

· The inflation increase is due in part to the impact of two major food price increases: the $5-a-pack price hike in peanut butter in 2008, and the combination of global demand for staples such as corn and wheat, coupled with the increasing cost of feed.

· Food contributes more to inflation than other necessities, the report notes, because food prices are higher than housing and personal transportation. Agriculture also contributes about one-third of the total US inflation rate, and food accounts for a fourth of that.

· Food spending, at $8.7 trillion, is around the same as overall consumer spending, despite accounting for only about 16 percent of all purchases.

· Two-thirds of Americans count food as their biggest source of spending, with 34 percent of households saying it represented between 35 and 44 percent of their total budget.

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