Americans cutting back on food purchases
November 6, 2008
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Nearly six out of 10 Americans are buying less
food due to increasing prices, according toThe 2008 Hormel Hunger Survey.
Two-thirds of Americans say they are losing economic ground as inflation
outstrips any increase in income, and 47% of Americans are struggling more this
year than last year to pay their bills. Private label products are experiencing
rapid growth, as consumers are looking to save money, according to a Nielsen
survey. Overall dollar sales of store-brand consumer packaged goods in the
United States were up by 10.1% to $80.3 billion for the year ended in
September.