Farm Bureau’s Spring Marketbasket Shows Lower Food Prices

Podcast / Newsline Apr 11th, 2017

A seasonal survey on staple food items in the United States shows consumers are paying less for food compared to last year. Micheal Clements has more.

Clements: The Spring Marketbasket survey by the American Farm Bureau Federation found total cost of 16 staple food items dropped this year to $50.03, down $3.25 from last year. AFBF market intelligence director John Newton attributes the lower food prices to lower commodity prices.

Newton: The Spring Marketbasket survey showed that overall Easter is going to be a little bit cheaper this year. We’ve seen the price of many commodities come down, and the basket’s down about six percent from where it was last year.

Clements: Newton says that of the 16 items surveyed, 11 decreased, four increased and one remained the same in average price.

Newton: The top foods responsible for the overall basket decline compared to prior year levels are going to be livestock products like meat and dairy, as well as your egg products. Some of the items in the food basket did go up in price. We saw higher prices for whole milk, as well as salad mix and white bread.

Clements: He says the year-to-year direction of the marketbasket survey tracks closely with the federal government’s Consumer Price Index.

Newton: The results of this marketbasket survey track with overall food price trends that we’ve seen from the BLS. The Bureau of Labor Statistics shows that food prices are down from prior year levels. This survey shows that we continue to have a safe, affordable and high quality food supply here in the United States.

Clements: Micheal Clements, Washington.

Contact:
Shiloh Perry
Communications Assistant, AFBF
 

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