In the chart below we have calculated the cumulative daily price change of the major food and energy commodities in the CRB index (Corn, Soy, Wheat, Cattle, Hogs, Oil and Natural Gas) since the beginning of 2008. We then multiplied the changes by the annual per capita consumption of each item. While this method may oversimplify the actual costs, it provides a good idea of how changes in commodity prices have impacted consumers' wallets over the last 18 months.
After bottoming out earlier in the year at a daily 'windfall' of $4.99, rising prices have been steadily eating away at the benefit consumers have seen from the late 2008 crash in commodity prices. As of today, the average daily benefit has decreased to $2.92 per person per day versus the start of '08. This works out to just under $1,100 per year or $4,400 for a family of four. While commodity prices are still having a net positive impact on consumers compared to where they were at the start of 2008, the benefit is considerably less now than it was in late February.
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