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What is wrong with this picture?


food prices

A friend posted this on Facebook this week, and, while it makes an interesting graphic, it is lacking perspective.

Certainly food prices have gone up, but far less than most other things. In fact, over the past 20 years, the rate of food price inflation has been below the overall inflation rate in the US. Consider what has happened to the cost of gasoline, your phone bill, your car, your home, and the cost of a college education over the past 20 years.

The main drivers of higher food prices are NOT higher prices being received by farmers, but high transportation costs and — oh, yes — higher labor costs.  Those who like to advocate for higher minimum wages forget these higher costs are passed on to those who buy the products those workers produce.