Americans have not spent this much of their incomes on food since the Gulf War feds

Published

1 year ago

February 22, 2024

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Soaring grocery bills and restaurant tabs are eating up more of Americans’ paychecks than they have in three decades, according to the federal government.

In 2022, US consumers spent 11.3% of their disposable income on food as raging inflation jacked up prices on everything from bacon, eggs and milk at local supermarkets to burgers and burritos at fast-food joints, according to data from the Agriculture Department.

That’s the most since 1991, when President George H. W. Bush was ramping up the first Gulf War, Nirvana’s “Nevermind” was topping the charts — and food purchases accounted for 11.4% of shoppers’ disposable income, the USDA said.

The problem is showing no signs of letting up as restaurants, retailers and manufacturers alike continue to grapple with soaring labor costs and the price of key commodities including beef and cocoa continues to ratchet higher.

According to the USDA, food-at-home prices increased another 5% last year compared to 2022 — or double the historical average rate at which retail food price inflation rose per year between 2003 and 2022.

Recently, those increases have slowed — up 1.2% in January compared with a year ago.

Still, that’s leaving shoppers with punishing tabs for everything from meat to produce to spaghetti sauce.

Meanwhile, “away from home” food prices at restaurants surged a staggering 5.1% over the same time period, according to the Consumer Price Index.

In 2022 and 2023 it was boom times for restaurants, which gives them latitude to raise prices,” Moody’s chief economist Mark Zandi told The Post.

Fast-food prices shot up even more — 5.8%, according to the government data — a trend that’s set to continue after 22 states raised their minimum wage last month.

Earlier this month, Chipotle said it will be forced to further raise prices as California after a $20-an-hour minimum wage law takes effect there in April.

The menu hikes are already taking a toll, with McDonald’s admitting this month that customers making less than $45,000 per year are eating at home more frequently as grocery prices come down.

I think what youre going to see as you head into 2024 is probably more attention to what I would describe as affordability, McDonalds chief executive Chris Kempczinski said on an earnings call with analysts earlier this month.

But Zandi is skeptical whether restaurants will lower their prices.

Businesses really dont want to cut prices, Zandi said. They will do it if demand is falling and they have no options, but the more palatable strategy is to hold the line until affordability is reestablished.

Meanwhile, corporate profit margins economy-wide have been rising, Zandi said.

Food prices were thrust into the spotlight on Super Bowl Sunday when President Joe Biden posted a video to social media in which he called out snack companies for “shrinkflation.”

“Some companies are trying to pull a fast one by shrinking the products little by little and hoping you won’t notice,” Biden said in a video posted on X, formerly known as Twitter, ahead of Super Bowl LVIII.

“Give me a break. The American public is tired of being played for suckers,” he said.

Biden, who offered no solutions or policies to address the practice, did not name any specific companies but several brands were shown in the video, including Gatorade, Doritos, Breyers and Tostitos.

We appreciate that the President has to deflect attention away from inflation that has lingered during his administration, said David Chavern, president and CEO of the Consumer Brands Association, in a statement.

Chavern added that the group would like to work with Biden on real solutions that benefit consumers.

Last year, the prices for fats and oils rose by 9% while the cost of sugar and sweets jumped 8.7%. The rate of price increases for cereals and bakery products stood at 8.4% last year.

The only food item that saw its price decline last year was pork, which was 1.2% cheaper compared to 2022, according to USDA data.

Meat prices grew but at a slower pace than their 20-year historical averages. Beef and veal prices rose 3.6% while eggs were 1.4% more expensive last year compared to 2022, the USDA said.

The cost of fresh fruits rose 0.7% while fish and seafood prices ticked up 0.3%.

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World

White House considering inviting Zelenskyy to Trump-Putin meeting in Alaska – reports

Published

2 hours ago

August 9, 2025

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White House considering inviting Zelenskyy to Trump-Putin meeting in Alaska - reports

The White House is considering inviting Volodymyr Zelenskyy to a meeting between Donald Trump and Vladimir Putin in Alaska, according to reports in the US.

The reports come a day after Washington and Moscow confirmed the US and Russian presidents will meet on Friday to discuss bringing about an end to the war in Ukraine.

A senior US official and three people briefed on internal discussions have told Sky News’ US partner network NBC News that the Trump administration is now considering inviting the Ukrainian president to the summit.

“It’s being discussed,” one of the people briefed on the talks was quoted as saying.

The sources said a visit by Mr Zelenskyy has not been finalised – and it is unclear whether the Ukrainian leader will be in Alaska for the summit.

However, the senior administration official said it is “absolutely” possible.

“Everyone is very hopeful that would happen,” the official said.

Asked whether the US had officially invited Mr Zelenskyy to Alaska, a senior White House official said: “The President remains open to a trilateral summit with both leaders. Right now, the White House is focusing on planning the bilateral meeting requested by President Putin.”

Mr Trump told reporters at the White House on Friday before the Alaska summit was confirmed that “we’re getting very close to a deal” that would end the war.

The US president added there will be “some swapping of territories to the betterment of both sides”.

Zelenskyy suggests he’s unwilling to give up territory

However, the Ukrainian president warned on Saturday that allowing Russia to keep territory it has occupied in Ukraine will result in another invasion.

He said allowing Mr Putin to annex Crimea in 2014 didn’t prevent Russia forces from occupying more parts of Ukraine during the current conflict.

Mr Zelenskyy added: “Now, Putin wants to be forgiven for seizing the south of our Kherson region, Zaporizhzhia, the entire territory of Luhansk and Donetsk regions, and Crimea. We will not allow this second attempt to partition Ukraine.

“Knowing Russia – where there is a second, there will be a third.”

NATO allies say Ukraine must be involved in negotiations

The reports Mr Zelenksyy could be invited to Alaska come as Ukraine and several NATO allies have reportedly been privately concerned Mr Trump might agree to Mr Putin’s proposals for ending the war without taking their positions into account.

In a joint statement on Saturday night, UK Prime Minister Sir Keir Starmer and the leaders of France, Italy, Germany, Poland, Finland and the European Commission said Ukraine’s future cannot be decided without Kyiv.

They said: “Ukraine has the freedom of choice over its own destiny. Meaningful negotiations can only take place in the context of a ceasefire or reduction of hostilities.

“The path to peace in Ukraine cannot be decided without Ukraine.

“We remain committed to the principle that international borders must not be changed by force.

“The current line of contact should be the starting point of negotiations.”

Read analysis:
Lifting sanctions a ‘massive victory for Moscow’
Stakes high for Alaska summit as Zelenskyy faces nightmare deal
Why Trump will have a lot of ice to break at Alaska summit

UK hosts Ukrainian officials ahead of summit

British Foreign Secretary David Lammy had earlier hosted a meeting of top Ukrainian officials and European national security advisers alongside US vice-president JD Vance on Saturday ahead of the Trump-Putin meeting.

The meeting took place at the foreign secretary’s official country retreat, Chevening, in Kent, where Mr Vance is staying at the start of a UK holiday.

After the meeting, Mr Lammy said: “The UK’s support for Ukraine remains ironclad as we continue working towards a just and lasting peace.”

It is understood that the meeting had been called at Washington’s request, and included representatives from the US, Ukraine, France, Germany, Italy, Finland and Poland as well as the UK.

Ukraine was represented by Rustem Umerov, secretary of the country’s national security and defence council, and the head of Mr Zelensky’s office, Andriy Yermak.

In a post on social media, Mr Yermak said the allies’ positions were “clear” that “a reliable, lasting peace is only possible with Ukraine at the negotiating table, with full respect for our sovereignty and without recognising the occupation”.

Ahead of the meeting at Chevening, Sir Keir discussed the talks in a call with Mr Zelenskyy on Saturday and also spoke to French President Emmanuel Macron.

A Downing Street spokeswoman said Sir Keir and Mr Macron “discussed the latest developments in Ukraine, reiterating their unwavering support for President Zelenskyy and to securing a just and lasting peace for the Ukrainian people”.

Environment

BYD is coming with a ridiculous 3,000 hp electric supercar

Published

3 hours ago

August 9, 2025

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BYD is coming with a ridiculous 3,000 hp electric supercar

New filings have revealed that BYD is about to release a ridiculous 3,000 hp electric supercar: the Yangwang U9 Track Edition.

BYD already shocked the world when it launched the Yangwang U9, its first all-electric supercar.

It featured four advanced electric motors with a combined power of nearly 1,300 horsepower. The U9 can accelerate from 0 to 62 mph (0 to 100 km/h) in just 2.36 seconds.

With a motor at each wheel and a highly advanced electric-air suspension, the U9 can turn on itself and even jump over potholes.

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But that was only the beginning.

Based on a new filing with the Ministry of Industry and Information Technology (MIIT), BYD is preparing to launch a new ‘Track Edition’ of the Yangwang U9:

When an automaker releases a “track” version of a car, it typically primarily features body changes for better aerodynamic performance, adding downforce, and it will also often feature bigger brakes.

The Yangwang U9 ‘Track Edition’ appears to feature all that… and much more.

The filing reveals that BYD updated the motors at each wheel to a new 555 kW motor. That’s a higher-performing motor than in most performance electric vehicles. The U9 Track Edition has four of them for a total of 2,220 kW (3,019 hp).

I would have thought that this was a typo if it wasn’t for the insane electric vehicles coming out of China these days.

Here are a few pictures from the MIIT filing:

There are a lot of performance specs that are not included in the MIIT filing. Therefore, it will be interesting to see when the vehicle is fully unveiled and BYD reveals what kind of performance it can achieve with 3,000 hp packed in 4 electric motors.

Here are a few other features mentioned in the filing:

Standard features: