New analysis from the American Farm Bureau Federation shows that the United States has the most affordable food supply in the world. Megan Nelson, AFBF Economic Analyst, researched global food prices and found Americans enjoy the most affordable overall price for food at home.
"The amount of money that each individual spends out of their disposable income on food is about 4.8 percent," Nelson said.
She noted that people in lower-income countries spend much more of their household budget on food than those in higher-income countires.
"For high-income countries, we're looking at four to six, to maybe eight percent of their total disposable income being spent on food." She said low-income countires can typically spend over 50 percent of their household budget on food. "And that has been true since the 1800s."
Nelson said agricultural trade and policy can help reduce global food price volatility.
"The importance of keeping price predictable for not only farmers, but all individuals in these low-income countries is paramount. We really need to be able to stabilize markets abroad and build up trading partners, instead of having unstable trade flow," she said.