Retail food prices at the supermarket increased in the second quarter of 2008, according to the latest American Farm Bureau Federation Marketbasket Survey. The informal survey shows the total cost of 16 basic grocery items in the second quarter of 2008 was $46.67, up about 3.5% or $1.64 from the first quarter of 2008.
Of the 16 items surveyed, 14 increased and two decreased in average price compared to the 2008 first-quarter survey. Compared to one year ago, the overall cost for the marketbasket items showed an increase of about 8.5%.
Two types of cooking oil and bacon showed the largest retail price increases. A 32-oz. bottle of corn oil was up 47 cents to $3.48, a 32-oz. bottle of vegetable oil rose 38 cents to $3.01 and one pound of bacon was up 22 cents to $3.57.
Other items that increased in price were:
- flour, up 18 cents to $2.57 for a 5-pound bag;
- apples, up 14 cents to $1.54 per pound;
- whole fryer chickens, up 12 cents to $1.47 per pound;
- a 20-oz. loaf of white bread, up 12 cents to $1.90;
- ground chuck, up 12 cents to $2.85 per pound;
- pork chops, up 9 cents to $3.40 per pound;
- Russet potatoes, up 8 cents to $2.55 for a 5-pound bag;
- 1 gallon of whole milk, up 7 cents to $3.88;
- mayonnaise, up 5 cents to $3.19 for a 32-ounce jar;
- sirloin tip roast, up 4 cents to $3.84 per pound;
- and a 9-oz. box of toasted oat cereal, up 1 cent to $2.98 per box.
Items that decreased in price were: 1 dozen large eggs, down 34 cents to $1.82 and 1 pound of cheddar cheese, down 11 cents to $4.60.
"Prices of many food items continue to creep upward,” said Jim Sartwelle, an AFBF economist. "Those increases, however, pale in comparison to the huge increases in energy costs—for fuel, natural gas, and electricity—that American families have become accustomed to over the past two or three years.”