Retail prices for food at the supermarket increased slightly in the third quarter of 2006, according to the latest American Farm Bureau Federation Marketbasket Survey.
The informal survey shows the total cost of 16 basic grocery items in the third quarter of 2006 was $41.09, up about 3 percent or $1.13 from one year ago. The surveyed items increased $1.18 in the third quarter of 2006, compared to the second quarter, when the survey items dropped by 82 cents.
Of the 16 items surveyed, nine increased and seven decreased in average price compared to the 2006 second-quarter survey.
Red Delicious apples showed the largest increase, up 33 cents to $1.51 per pound. Other items that increased in price:
- Bacon, up 32 cents per pound to $3.39;
- Flour, up 25 cents to $1.88 per 5-pound bag;
- Mayonnaise, up 24 cents to $3.37 per 32-oz. jar;
- Toasted oat cereal, up 21 cents to $3.10 per 10-oz. box;
- Whole chicken fryers, up 10 cents to $1.38 per pound;
- Vegetable oil, up 4 cents to $2.57 per 32-oz. bottle;
- Eggs, up 3 cents to $1.08 per dozen; and
- Cheddar cheese, up 1 cent to $3.52 per pound.
Items that decreased in price from the first quarter of 2006 were: corn oil, down 10 cents to $2.70 per 32-oz. bottle; bread, down 8 cents to $1.44 per 20-oz. loaf; Russett potatoes, down 6 cents to $2.45 for a 5-pound bag; pork chops, down 5 cents to $3.32 per pound; sirloin tip roast, down 4 cents to $3.70 per pound; and ground chuck and whole milk, each down 1 cent to $2.65 per pound and $3.03 per gallon, respectively.
“The supply of cattle and hogs was more than sufficient to satisfy consumer demand,” says AFBF economist Jim Sartwelle. “Relatively stable retail beef and pork chop prices in the third quarter were not surprising.”
The share of the average food dollar that
Using that percentage across-the-board, the farmer’s share of this quarter's $41.09 marketbasket total would be $9.04.
AFBF, the nation's largest general farm organization, conducts its informal quarterly marketbasket survey as a tool to reflect retail food price trends.
According to USDA statistics, Americans spend just less than 10 percent of their disposable income on food annually, the lowest average of any country in the world. A total of 61 volunteer shoppers in 29 states participated in this latest survey, conducted during August.
American Farm Bureau Federation