National Corn Growers Association: U.S. Food Prices Most Affordable in the World.

A Reason to Be Thankful

ST. LOUIS -- Many families will soon gather to enjoy a Thanksgiving meal and express gratitude for health and happiness, but recent reports show America's farmers are also to thank for the opportunity to enjoy such a feast. While news reports abound about increasing food prices, many do not realize that Americans still enjoy the cheapest food supply in the world.

While the average price of a Thanksgiving dinner for 10 has increased about $4 this year, the real dollar price adjusted for inflation has actually declined about 9 percent in the past 20 years. According to the United States' Department of Agriculture (USDA), Americans spend just 10 percent of their disposable income on food expenses, while households in countries like India often spend 50 percent of their budget on food. Even countries in Europe spend more than twice what U.S. consumers spend on food costs.

"Collectively, America's farmers have harvested the largest corn crop in history this year. With increasingly demanding food, feed and fuel needs to meet, they've worked hard to ensure our food supply is not only safe and secure, but plentiful enough to meet all demands and retain the affordable food prices consumers have come to expect," says Ken McCauley, farmer and chairman of the National Corn Growers Association (NCGA).

How America Stacks Up                   <

                                        <

Country                                 <
Percent of Budget Spent on Food
                                        <

United States                           <
10%
Finland                                 <
16%
France                                  <
18%
New Zealand                             <
20%
Germany                                 <
21%
Australia                               <
21%
United Kingdom                          <
22%
Italy                                   <
23%
Spain                                   <
25%
Japan                                   <
26%
Israel                                  <
26%
South Africa                            <
28%
Mexico                                  <
33%
India                                   <
51%
                                        <

Source: USDA Economic Research Service  <