For American consumers, the rally in commodities prices is a disturbing development that could lead to higher prices for many goods and services. What I am personally concerned about is the upward pressure on food prices, because it affects everyone. We all have to eat.

Grocery bills are rising because the raw materials, packaging and fuel that produce food are at the highest levels in decades. Kellogg, Kraft, General Mills, and others have hiked their prices this year as a result. Economists say the cost of food is up about 4% this year. Although that seems high, it’s well below the double-digit, hyper inflationary environment of the 1970s.

Here’s another interesting statistic from economist David Wyss at S&P: Today, less than 9 percent of the American household budget goes to food at home, down from almost 20 percent in 1960.

That’s part of the reason Wyss says higher food prices alone probably won’t hurt economic growth. But in my case, higher food and gasoline costs have cut into my personal discretionary spending.

What about you. Are higher food prices crimping your budget? Or is it something you’ve barely noticed?