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LOUISVILLE, KY, April 22, 2008: Retail food prices at Kentucky's supermarkets increased in the first quarter of 2008, according to the latest Kentucky Farm Bureau Federation Marketbasket Survey. The finding reflects the widely reported jump in food prices nationwide, as commodity prices and transportation costs have pushed up prices on a variety of items.
Farm Bureau's survey shows the total cost of 40 basic grocery items in the first quarter of 2008 was $106.59, up about 7.5 percent, or $7.44, from six months ago. Of the items surveyed, 29 increased and 11 decreased in average price compared to the 2007 third-quarter survey.
Overall, the cost for the marketbasket items showed an increase of about 12.5 percent, compared to one year ago.
Rib-eye steaks registered the largest retail price increase, up $1.01 to $8.89 per pound.
Other items that increased in price were: tomatoes climbed 92 cents to $2.18 per pound; corn oil rose 66 cents to $2.75 per 32-oz. bottle; a 10-lb. bag of potatoes was up 61 cents to $4.52; and a 5-lb. bag of flour rose 59 cents to $2.40.
Extra large eggs increased 52 cents and large eggs were up 46 cents a dozen, to $2.24 and $2.00 respectively; dill hamburger slice pickles increased 36 cents for a 16-ounce jar, making them $2.08; and one pound of cheddar cheese rose 32 cents to $4.30. Other items showing smaller increases included potato chips, vegetable oil, corn meal, wheat bread, peppers, lettuce, apples, cucumbers, corn, ice cream, margarine, American cheese slices, chicken breasts, whole and cut-up fryers, ham, chuck roast, sirloin and ground beef.
Items that decreased in price were: sausage, down 33 cents to $4.15 per pound; a gallon of whole milk, 20 cents lower to $3.53 and 2% milk was down 18 cents to $3.44.
T-bone steaks dropped 14 cents to $8.46 a pound; cottage cheese decreased 11 cents to $2.21; bacon and soy sauce each moved down 6 cents to $3.13 and $1.19, respectively; a 20-ounce loaf of white bread was 3 cents lower to $1.11; butter dropped 2 cents per pound to $2.80; and canned tomatoes and pork chops each decreased a penny to .85 and $3.66, respectively
"Continued strength in the wheat and cheese markets contributed to the overall price increase for the basket of items", said Kentucky Farm Bureau President, Marshall Coyle.
In addition, "It is important to note the contribution of runaway energy prices to the retail cost of food,” Coyle said. “Food costs are increasing as the companies that transport, process and package food goods try to stem some of the damage rising fuel prices are doing to their bottom lines."
As retail grocery prices have increased, the share of the average food dollar that America’s farm families receive has moved in the opposite direction over time.
"In the mid-1970s, farmers received about one-third of consumer retail food expenditures on average. 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 $106.59 marketbasket total would be $23.45.
Kentucky Farm Bureau Federation, the state’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 under 10 percent of their disposable income on food annually, the lowest average of any country in the world.
A total of 21 volunteer shoppers in 20 counties participated in the latest survey, conducted during March.
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