How does food consumption rate work?
Solution 1:
Brace of Fortitude has a health regenerative bonus, so like you say, the food consumption increase is its side effect, which can be a bad thing if equiped on a Minotaur. Take the Minotaur for instance, they have an increased food consumption rate, the Insectoid have a decreased food consumption rate. Minotaurs need to eat more often, the Insectoid don't.
Your characters hunger increases whenever you move or are regeneraring health/energy, so you'll always want to store as much food as possible to keep your health regenerating.