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October 29, 2008

           

Survey reveals economy slowdown affects US consumer habits
                    
 

Six out of 10 consumers said they had to cut back on the quantity or quality of food they buy due to rising prices, according to the 2008 Hormel Hunger Survey conducted by Hormel Foods Corporation.

 

The survey said 67 percent of consumers found food prices have increased a lot since last year, and 61 percent felt that corn-based ethanol is at least partly responsible for higher food prices.

 

Over half of the 800 adults that were interviewed, are cutting costs by buying less expensive cuts of meat and buying more of less-expensive food staples such as rice and potatoes. They also turned to using coupons and buy more generic or store brands, and eat at home more often.

 

Even as the country strives for energy independence, the people should be top priority, said Jeffrey Ettinger, president and CEO of Hormel Foods.

 

"The more food we devote to making fuel, the more difficult it is going to be to feed people. Our first priority should be putting quality, affordable food on the table," said Ettinger.

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