Despite high prices, food demand remains robust due to inelasticity. According to a recent survey-based report out of Purdue University's Center for Food Demand Analysis and Sustainability, in December, household food expenditures increased by 15% from January 2022.
In addition, according to Jayson Lusk’s survey, consumers’ spending on food away from home, which is in restaurants, increased over the past three months, with total food spending up about 19% year-over-year.
