Retail food prices at the supermarket increased during the second quarter of 2011, according to the latest American Farm Bureau Federation Marketbasket Survey.
The informal survey shows the total cost of 16 food items that can be used to prepare one or more meals was $51.17, up $2.10 or about 4% compared to the first quarter of 2011. Of the 16 items surveyed, 14 increased and two decreased in average price compared to the prior quarter. The total average price for the 16 items was up about 8% compared to one year ago.
“The effects of continued raw energy cost increases are reverberating throughout the food industry and consumers are bearing the brunt of it,” said AFBF Economist John Anderson. “After food leaves the farm, costs for transportation, marketing, processing and storage come into play. As energy prices continue to run up, shoppers are feeling the pinch at the supermarket.”
Sirloin tip roast, Russet potatoes, sliced deli ham and bacon increased the most in dollar value compared to the first quarter of 2011.… Continue readingRead More »