Get ready to dig deeper into your wallets during grocery checkout if labeling of food containing genetically modified ingredients is made mandatory. In a new study, Cornell University found that in New York a proposed genetically modified organisms (GMO) labeling bill could cost families as much as $800 per year.
The study, completed by Bill Lesser of the Dyson School of Applied Economics and Management at Cornell University, evaluates additional costs passed from the industry to consumers if forced labeling is made law in New York State.
The labeling law would increase food costs for a family of four by an average of $500 annually. Of the three labeling compliance options in the state, the midpoint value is $224 or $1.1 billion annually for all New Yorkers.
It’s not only families who will be shelling out more for food. The state could also be facing millions of dollars in added costs to implement and monitor the labeling initiative. It would also account for a loss in farm income.
“American families deserve safe, abundant and affordable food,” Claire Parker, spokeswoman for the Coalition for Safe and Affordable Food, said in a news statement. “GMOs have been used in our food supply for more than 20 years and no study has ever shown them to be unsafe or different from foods without GMOs. Repeated studies, however, have shown that the high cost of mandatory labeling would dramatically increase the price of groceries at the checkout aisle for consumers. A mandatory GMO label will just make it more difficult and expensive for hard-working American families to put food on the table.”