Survey Finds Record High Ind. Food Prices
(Undated) - Indiana Farm Bureau says we’re paying more than ever at the grocery store for some items.
The bureau’s quarterly “market basket” survey has the prices of 16 staple food items up in price by $1.55 from the fourth quarter of 2011.
The average price of $51.15 for the 16 items breaks the previous Indiana record set in 2008 by 45 cents.
Six of the items decreased in price while 10 others decreased.
“Retail prices for meats and cheese were higher in the first quarter of the year due to generally strong demand and tight supplies, a situation that carried over from 2011,” said American Farm Bureau Federation senior economist John Anderson. “According to Agriculture Department data, retail meat prices probably peaked sometime in the first quarter, and wholesale prices have declined noticeably in recent weeks. This suggests that retail meat prices may decline as 2012 progresses.”
Prices were even higher nationally. The average price for the 16 item list was $52.47, up about 7 percent or $3.24 compared to the fourth quarter of 2011.
Included in the 16 items are apples, potatoes, bagged salad, orange juice, ground chuck, sirloin tip roast, bacon, sliced deli ham, chicken breast, whole milk, shredded cheddar cheese, eggs, flour, vegetable oil, a box of cereal, and a loaf of white bread.
The unscientific survey is conducted by 23 volunteer shoppers, each of whom goes to her local grocery store and collects price information over the course of a few days in March.