dsnodgrass

It’s a sign of the times.

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.

Brother can you spare a dime?

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.

The price of Spam is up too, with the average 12 oz. can costing about
$2.62. That’s an increase of 17 cents, or nearly 7 percent, from the
same time last year. But it’s not stopping sales, as the pork meat in a
can seems like a good alternative to consumers.

[...]

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.