After looking over this morning’s report on consumer prices and examining the details in the food category, it occurred to me that either there are a lot of people in this country spending a lot of money eating out or the Labor Department’s weightings are wrong.

As shown below, the Food and beverages category accounts for nearly 15 percent of the overall price index (which seems about right), but Food at home accounts for only 53 percent of that spending whereas Food away from home accounts for 40 percent.

The Food away from home share seemed high to me, but it certainly explains how, as shown in the “from- Dec. 2010″ column, you can have  grocery prices rising at a rate of six or eight percent a year while the overall Food and Beverages category is up only 4.5 percent.

Though you can save huge amounts of money by eating at home more or packing a lunch (it always amazes me when couples lament their money troubles and their inability to save while, at the same time, noting that they eat out all the time – as if the two aren’t connected), the table above indicates that the frugal are being punished more than the spendthrifts once again… All part of Ben Bernanke’s master plan, apparently.

The Labor  Department reported that consumer prices in the U.S. were unchanged last month as falling energy prices offset gains elsewhere and, on a year-over-year basis, inflation now registers 3.4 percent, its lowest level in five months.

Energy prices fell for the second month in a row, down 1.6 percent in November after a decline of 2.0 percent  the month before, as gasoline prices followed up a 3.1 percent drop in October with a decline of 2.4 percent last month. From a year ago, gasoline prices are still quite high, up a whopping 19.7 percent.

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