Egg, dairy and chicken prices down in U.S., beef too
The informal survey shows the total cost of 16 food items that can be used to prepare one or more meals was $49.70, down $4.40 or 8 percent compared to a survey conducted a year ago. Of the 16 items surveyed, 13 decreased and three increased in average price.
Egg prices dropped significantly due to production recovering well from the 2014 avian influenza, according to John Newton, AFBF director, market intelligence. Milk prices are down substantially, particularly compared to record-highs in 2014, due to the current global dairy surplus.
The year-to-year direction of the marketbasket survey tracks with the federal government's Consumer Price Index report for food at home. As retail grocery prices have increased gradually over time, the share of the average food dollar that America's farm and ranch families receive has dropped.
Using the "food at home and away from home" percentage across-the-board, the farmer's share of this $49.70 marketbasket would be approximately $8.45.
AFBF, the nation's largest general farm organization, began conducting informal quarterly marketbasket surveys of retail food price trends in 1989. The series includes a Spring Picnic survey, Summer Cookout survey, Fall Harvest survey and Thanksgiving survey.
According to USDA, Americans spend just under 10 percent of their disposable annual income on food, the lowest average of any country in the world. A total of 59 shoppers in 26 states participated in the latest survey, conducted in September. ■