Wednesday, May 28, 2008

Sign o' the times

You know money must be getting tight when people are resorting to eating this.


Sales of Spam rise as consumers trim food costs

By EMILY FREDRIX, AP Business WriterWed May 28, 4:06 PM ET

Love it, hate it or laugh at it — at least it's inexpensive.

Sales of Spam — that much maligned meat — are rising as consumers are turning more to lunch meats and other lower-cost foods to extend their already stretched food budgets.

What was once cheeky, silly and the subject of a musical (as Monty Python mocked the meat in a can), is now back on the table as people turn to the once-snubbed meat as costs rise, analysts say.

Food prices are increasing faster than they've risen since 1990, at 4 percent in the U.S. last year, according to the Agriculture Department. Many staples are rising even faster, with white bread up 13 percent last year, bacon up 7 percent and peanut butter up 9 percent.

There's no sign of a slowdown. Food inflation is running at an annualized rate of 6.1 percent as of April, according to the Bureau of Labor Statistics.

Spam's maker, Hormel Foods Corp., reported last week that it saw strong sales of Spam in the second quarter, helping push up its profits 14 percent. According to sales information coming from Hormel, provided by The Nielsen Co., Spam sales were up 10.6 percent in the 12-week period ending May 3, compared to last year. In the last 24 weeks, sales were up nearly 9 percent.


Oh well, I guess it's better than starving. I have nothing against SPAM for camping trips, hunting trips, etc., but I think I'd rather go vegetarian than eat it regularly. YMMV.

Take care.

1 comment:

The Other Mike S. said...

I must admit, I love the stuff. A fried spam sandwich is the stuff dreams are made of!

For some reason,it is HUGE in Hawaii. McDonald's actually has a spam and pineapple "burger".

Different strokes....