Food Prices Rise Slightly for Missouri Consumers
|Mo shoppers found food prices slightly higher in the second half of 2013.|
|Americans on average spend just under 10% of their disposable income on food.|
|Farmers received about 16 cents for every dollar spent on food at the retail level.|
JEFFERSON CITY, Mo. – Missouri shoppers found food prices slightly higher in the second half of 2013. At the end of the third quarter, the 16 items regularly tracked on the American Farm Bureau Federation (AFBF) Marketbasket survey rang in at $52.44 compared to the first quarter average of $48.73 for an increase of $3.71. The same time last year, these items cost $51.58.
“Most of the price shifts occurred in the meat and dairy cases,” said Diane Olson, Missouri Farm Bureau Director of Promotion and Education. “The survey found a slight to modest increase in the price of ground chuck, sirloin tip roast, bacon, sliced deli ham, chicken breasts, eggs and whole milk.”
Consumer demand drove the increases in the meat and dairy category, according to John Anderson, AFBF’s deputy chief economist.
Items showing a slight decrease in price included all-purpose flour, vegetable oil, white bread, orange juice and shredded cheddar cheese.
Of the 16 items, 10 rang in higher for Missouri shoppers during the semi-annual survey, five lower and one remained unchanged. Local shoppers saw a savings of $0.76 from the national average of $53.20.
Food price projections call for about a 3 percent increase this year, which is slightly higher than the average rate of inflation over the past 10 years.
Americans on average spend just under 10 percent of their disposable annual income on food, the lowest average of any county in the world. Farmers work 24/7 to provide healthy, nutritious food choices while receiving about 16 cents for every dollar spent at the retail level.