Consumers in the country are willing to work more to consume food, which is rising in price.
Original content
Lance Zimmerman, from Rabobank, in a recent report, in light of the extremely high prices of beef at the counter in the United States, puts the following expression in the mouth of consumers in that country: "We are willing to work more to pay for a kilogram of beef." High-income consumers in the United States today need only 13 minutes of work to buy a kilogram of ground beef—the most representative cut; those with lower incomes require 57 minutes and those with middle incomes, about 31 minutes of work. "There is serious evidence that in recent years consumers are willing to pay more for beef in terms of their own income." In 2015, the average price per kilogram of ground beef was $13.8; it can be estimated that today it is $18, but at the beginning of the 2000s the average hourly wage of workers (Labor Statistics Dept) was $17 and today it is $36 per hour. "As a percentage of their income, the consumer is spending the same as 25 years ago. The extraordinary current prices are ...
By clicking “Accept Cookies,” I agree to provide cookies for statistical and personalized preference purposes. To learn more about our cookies, please read our Privacy Policy.