MARKETBASKET SURVEY SHOWS RETAIL FOOD PRICES HAVE RISEN PDF Print
Wednesday, 22 January 2014 05:57

The latest Market basket Survey, conducted by the Kentucky Farm Bureau (KFB) Federation in December 2013, indicates that average retail food prices in supermarkets across the state increased just slightly in the fourth quarter of 2013, but, as a result, concluded the year with the highest prices in the survey’s history. According to the survey findings, the total cost of 40 basic grocery items was $120.08. These results were $0.93, or 0.8 percent, higher than the same list of items reported in the third quarter of 2013, the previous record high.

Today’s Marketbasket Survey total also reflects a 3.9 percent increase over the average price reported in the fourth quarter of 2012. This increase fits precisely within the anticipated three to four percent food price growth that American Farm Bureau Federation economists forecast at the beginning of 2013, and is just slightly higher than the average rate of inflation over the past 10 years.

Yet while more food is now being produced on less land, the farmer’s share of the retail food dollar in America is down. According to the U.S. Department of Agriculture’s Food Dollar Series, a farmer earns less than 16 cents per dollar spent on food, down significantly from the 31 cents earned in 1980.

 

 

 

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