Americans are spending the highest percentage of disposable income on food since the 1990s as a result of sky-high inflation under President Joe Biden, according to data from the United States Department of Agriculture (USDA).
Consumers’ average spending on food climbed to 11.3% of their disposable personal income in 2022, according to the USDA. The proportion of disposable income spent on food is at its highest level since 1991, during George H.W. Bush’s tenure, when it stood at 11.4%, and was still declining from the significant increases seen during the 1970s, according to The Wall Street Journal.