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FOR IMMEDIATE
RELEASE
LOUISVILLE, KENTUCKY, October 19, 2007: Seasonal savings on meat products brought relief to Kentucky food budgets this month as the average cost of 40 basic marketbasket items fell just over a half percentage point, according to the Kentucky Farm Bureau Federation's quarterly food price survey.
The survey, which was conducted by volunteer shoppers across the state showed the marketbasket totaled $99.15, down 62 cents from the previous quarter.
Marshall Coyle, Farm Bureau president, said increased cattle and hog inventories in autumn combined with falling demand following grilling season, tend to result in lower meat prices this time of year.
At the meat counter, beef prices declined an average of 3.2% with Rib-eyes selling for $8.98 a pound, down $1.10, while sirloin was down 52 cents to $3.33 a pound. Chuck roast was two cents cheaper at$3.34 per pound. T-bones bucked the trend, increasing to $7.82 a pound, up 78 cents from last quarter.
Meanwhile, ham prices dropped 31 cents to $2.23 a pound; pork ribs were down 25 cents a pound at $2.55 and sausage prices decreased 31 cents a pound to $4.70. Bacon and pork chops were up only slightly, at nine and four cents a pound, respectively. Prices in the dairy case saw a steady increase this quarter, partially offsetting the meat cost declines. On average, cottage cheese was up 48 cents to $2.32, while milk increased 33 cents to $3.73 a gallon. Cheese was up 25 cents to $3.12.
In the produce aisle, savings on tomatoes, peppers and cucumbers offset higher prices for corn, potatoes, apples and lettuce. Tomatoes averaged $1.26, down 31 cents; peppers fell 13 cents to 65 cents and cucumbers decreased seven cents to 72 cents each.
Historically, retail grocery prices have gradually increased, while the share of the average food dollar that Kentucky's farm families receive has dropped.
"In the mid-1970s, farmers received about one-third of consumer retail food expenditures. That figure has decreased steadily over time and is now just 22 percent, according to Agriculture Department statistics," Coyle said.
Using that percentage across-the-board, the farmer’s share of this quarter's $99.15 marketbasket total would be $21.81.
Kentucky Farm Bureau, the state's largest general farm organization, conducts its informal quarterly marketbasket survey as a tool to reflect retail food price trends.
According to Agriculture Department statistics, Americans spend just 9.5 percent of their disposable income on food annually, the lowest average of any country in the world.
A total of 22 volunteer shoppers from across the commonwealth participated in this latest survey, conducted during September.
FOR FURTHER INFORMATION
CONTACT TERRI BRADSHAW
Office 502-495-5191
Cellular 502-718-1164 |
