Retail Food Prices Up 4% in Q3, Farm Bureau Reports
Oct 6, 2008 6:00 AM
WASHINGTON — Retail food prices at the supermarket increased by about 4% during the third quarter and 10.5% from the third quarter a year ago, according to the American Farm Bureau Federation's Marketbasket Survey. The survey showed the total cost of 16 basic grocery items was $48.68 in the third quarter, up $2.01 from the second quarter. Of the 16 items, 11 increased and five decreased, the bureau said, with potatoes, cheddar cheese and apples registering the largest price increases. Other items whose prices increased were pork chops, vegetable oil, corn oil, sirloin tip roast, ground chuck, mayonnaise, flour and whole milk. The five items that decreased were large eggs, white bread, whole chicken fryers, bacon and toasted oat cereal. According to Jim Sawtelle, a bureau economist, "We continue to see increases in several staple food items due primarily to the long-term effects of high energy prices in the food sector. Sustained high costs for processing, hauling and refrigerating food products are reverberating at the retail level."
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