Food prices trending down
WASHINGTON, D.C. — Retail food prices at the supermarket decreased slightly for the third consecutive quarter, according to the latest American Farm Bureau Federation Marketbasket Survey released July 2. The informal survey shows the total cost of 16 food items that can be used to prepare a meal was $46.29, down about 2 percent or $1.12 from the first quarter of 2009.
Russet potatoes, boneless chicken breasts, eggs, sliced deli ham and whole milk declined the most in price and together account for most of the decrease in average price of the overall Marketbasket. Russet potatoes dropped 29 cents to $2.76 for a 5-pound bag; chicken breasts dropped 28 cents to $3.10 per pound; eggs decreased 16 cents to $1.34 per dozen; sliced deli ham and whole milk dropped 14 cents to $4.80 per pound and $3.01 per gallon, respectively.
Other items that decreased in price were ground chuck, sirloin tip roast, flour, bacon and toasted oat cereal.
Overall, the average price for the Marketbasket of foods declined $3.10 or about 6 percent over a year’s time. Retail egg prices dropped 26 percent, milk decreased 22 percent, chicken declined 19 percent and bacon was 11 percent lower compared to a year ago.
Several items that went up slightly in price were bagged salad, shredded cheddar cheese, apples, vegetable oil and orange juice.
As retail grocery prices have increased gradually over time, the share of the average food dollar that America’s farm and ranch families receive has dropped.
“Starting in the mid-1970s, farmers received about one-third of consumer retail food expenditures for food eaten at home and away from home, on average. That figure has decreased steadily over time and is now just 19 percent, according to Agriculture Department statistics,” Sartwelle said.
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