Food is Expensive
05/31/2011 | | China, Consumer Spending, econ70.com, Elliot's Brief Blog, Food Prices, Graphsandlaughs.net, India, Indonesia, Phillipines, Singapore, South Korea, Thailand, Vietnam
In poor countries people spend much more on food than we do. In the Philippines 47% of income is spent on food. The amount is 45% in India, 40% in Vietnam, 36% in Indonesia, 33% in Thailand, 30% in China, 22% in Singapore, 14% in S. Korea. Here it’s just 8%. Because it’s so high in poor countries, recent increases in food prices are reducing consumer spending and threatening GDP growth.