Food costs cause cutback in holiday spending.
More than a third of U.S. consumers expect rising food prices to cause them to cut back on holiday spending, a new survey shows.
A total of 28.4% of the 1,000 people surveyed by Americas Research Group say that rising food costs will cause them to cut back on their Christmas shopping "somewhat," while another 7.2% say that they will "most definitely" cut back. The question was one in a series posed by Reuters and included in the research group's latest survey.
Manufacturers and producers have sharply raised food prices this year to cope with soaring costs for commodities ranging from soybeans and corn to peanuts.