What is in this article?:
- Retail food prices edge higher in fourth quarter
- Corresponding increases
• The informal survey shows the total cost of 16 food items that can be used to prepare one or more meals was $46.97, up 80 cents or about 2 percent compared to the third quarter of 2010.
• Of the 16 items surveyed, nine increased, six decreased and one remained the same in average price compared to the prior quarter. The total average price for the 16 items was up $4.07 (about 10 percent) compared to one year ago.
Most items showing an increase in retail price from quarter-to-quarter also showed year-to-year increases. Compared to one year ago, bacon was up 44 percent, eggs were up 4 percent, whole milk was up 10 percent and sliced deli ham was up 11 percent.
“Increasing our nation’s livestock herd to meet the growing demand for meat and dairy products takes time, so we are likely to see retail prices continue to increase for some foods throughout 2011,” Anderson said.
Six foods decreased slightly in price compared to the prior quarter: boneless chicken breasts, down 34 cents to $3.10 per pound; flour, down 16 cents to $1.99 for a 5-pound bag; Russet potatoes, down 13 cents to $2.50 for a 5-pound bag; ground chuck, down 10 cents to $2.83 per pound; and bagged salad, down 6 cents to $2.69 per pound.
Orange juice remained the same in price at $2.97 for a half-gallon.
The year-to-year direction of the marketbasket survey tracks with the federal government’s Consumer Price Index (www.bls.gov/cpi) report for food at home. 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.
“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. Since then, that figure has decreased steadily and is now just over 20 percent, according to Agriculture Department statistics,” Anderson said.
Using the “food at home and away from home” percentage across-the-board, the farmer’s share of this quarter’s $46.97 marketbasket would be $9.39.
AFBF, the nation’s largest general farm organization, has been conducting the informal quarterly marketbasket survey of retail food price trends since 1989. The mix of foods in the marketbasket was updated during the first quarter of 2008.
According to USDA, Americans spend just under 10 percent of their disposable annual income on food, the lowest average of any country in the world. A total of 92 shoppers in 29 states participated in the latest survey, conducted in late October/early November.