|
FOR IMMEDIATE
RELEASE
Retail food prices at the supermarket increased in the second quarter of 2007, according to the latest Kentucky Farm Bureau Federation Marketbasket Survey. The informal survey shows the total cost of 40 basic grocery items in the second quarter of 2007 was $99.77, up about 5 percent or $5.06 from the first quarter of 2007.
Of the 40 items surveyed, 29 increased and 11 decreased in average price compared to the 2007 first-quarter survey. Compared to one year ago, the overall cost for the marketbasket items showed an increase of about 9.5 percent.
Sirloin tip roast showed the largest quarter-to-quarter price increase, up 69 cents to $3.85 per pound. Corn oil rose 52 cents to $2.51 per pound; 2 percent milk was up 43 cents to $3.36 a gallon; mild cheddar cheese saw an increase of 36 cents to $3.74 per pound and cut-up fryers increased 32 cents per pound to $1.46.
Chuck roast, roll sausage and oleo margarine were each up 31 cents to $3.36 per lb., $4.70 for a 2-pound roll and $2.85 a pound, respectively. A gallon of whole milk rose 30 cents to $3.40; center cut pork chops saw an increase of 29 cents to $3.63 a pound and half gallon of vanilla ice cream sold for $2.98, also up 29 cents.
Idaho potatoes dropped 34 cents to $3.86 per pound, cucumbers decreased from $1.01 to 72 cents each and a dozen Grade A extra large eggs fell 11 cents to $1.20 a dozen.
Volunteer shoppers recorded nominal price decreases for ground beef, chicken breast, a head of lettuce, green peppers, tomatoes, dill pickle slices and soy sauce.
"Consumers have no doubt noticed their food dollar stretched a little tighter lately," said Kentucky Farm Bureau President Marshall Coyle. "As energy costs have increased, it has become more expensive to process, package, and transport food items for retail sale. In addition, an April freeze and soaring demand overseas for U.S. dairy and meat products have resulted in retail price increases at the grocery store."
Historically, retail grocery prices have gradually increased, the share of the average food dollar that Kentucky's farm families receive has dropped 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 $99.77 marketbasket total would be $21.95.
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 19 volunteer shoppers from across the commonwealth participated in this latest survey, conducted during June.
FOR FURTHER INFORMATION
CONTACT TERRI BRADSHAW
Office 502-495-5191
Cellular 502-718-1164 |
