Higher retail prices for items such as dairy products and boneless chicken breasts, among other foods, resulted in a slight increase in the American Farm Bureau Federation’s latest Semi-Annual Marketbasket Survey.
The informal survey shows the total cost of 16 food items that can be used to prepare one or more meals was $53.20, up $1.66 or about 3 percent compared to a survey conducted about six months ago. Of the 16 items surveyed, 11 increased and five decreased in average price.“Several poultry and dairy product items increased in price during the second half of the year, accounting for much of the increase in the marketbasket,” said John Anderson, AFBF’s deputy chief economist.
Whole milk was up 25 cents to $3.71 per gallon and shredded cheddar cheese was up 4 cents to $4.51 per pound.
“As anticipated, food prices have increased by about 3 percent so far during the year, which is slightly higher than the average rate of inflation over the past 10 years,” he said.
AFBF conducted an informal quarterly marketbasket survey of retail food price trends from 1989 to 2012. In 2013, the marketbasket series was updated to include two semi-annual surveys of “everyday” food items, a summer cookout survey and the annual Thanksgiving survey.
The year-to-year direction of the marketbasket survey tracks closely with the federal government’s Consumer Price Index report for food at home.
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 79 shoppers in 25 states participated in the latest survey, conducted in September. PD
—From AFBF news release
