Staple Food Prices Trending Down

Retail food prices at the supermarket decreased slightly for the fourth consecutive quarter and are significantly lower than one year ago, according to the latest American Farm Bureau Federation (AFBF) Marketbasket Survey.

The informal survey shows the total cost of 16 food items that can be used to prepare a meal was $46.03, down $.26 from the second quarter of 2009 and $4.18 lower or about 10% less compared to one year ago. Of the 16 items surveyed, nine decreased and seven increased in average price compared to the prior quarter. AFBF’s third quarter Marketbasket Survey tracks closely with the federal government’s August 2009 Consumer Price Index report for dairy and related products, which showed a slight decline (-.4%) for the ninth consecutive month.