Shoppers paid slightly more for food at the grocery store during the third quarter of the year, with many popular breakfast staples showing an increase in retail price. Higher retail prices for eggs, bacon, orange juice, milk and toasted oat cereal, among other foods, resulted in a slight increase in the latest American Farm Bureau Federation Quarterly Marketbasket Survey.
The informal survey shows the total cost of 16 food items that can be used to prepare one or more meals was $51.90, up $1.00 or about 2 percent compared to the second quarter of 2012. Of the 16 items surveyed, 9 increased and 7 decreased in average price compared to the prior quarter. The cost for the overall basket of foods decreased about 2 percent compared to one year ago.
Most of the slight quarter-to-quarter increase in the marketbasket of foods can be attributed to higher retail prices for breakfast staples, apples and bagged salad.
“While prices were up from the second quarter, compared to a year ago, the marketbasket price was actually lower, by about 2 percent,” said John Anderson, AFBF’s deputy chief economist. “For most of this year, food prices have been relatively stable. This is consistent with the very slow but steady growth in the general economy that has been seen throughout the year, along with fairly stable energy prices.”