Supermarket food prices edge up
Published 3/12/2004 1:52 PM
WASHINGTON, March 12 (UPI) -- The American Farm Bureau Federation says retail food costs rose in the first quarter with prices higher on 13 of 16 items in a typical shoppers' market basket.
The basket is composed of 16 items that most consumers buy at the supermarket.
Volunteer shoppers paid an average $39.84 for the items in the first-quarter survey, up $2.41 from the cost of the basket in the fourth quarter of 2003, and $3.78 higher than a year ago.
Vegetable oil showed the largest increase, rising 48 cents to $2.76 for a 32-ounce bottle. Corn oil was up 46 cents to $3.09 for a 32-ounce bottle
"The higher vegetable oil prices reflect the impact of drastically reduced domestic and international stocks of soybeans and the resulting upward pressure on soybean oil prices," said AFBF Senior Economist Terry Franci.
Prices were higher for apples, whole fryers, pork chops, eggs, cheddar cheese, bacon, mayonnaise, russet potatoes, bread, flour and sirloin tip roast. Milk prices fell 2 cents a gallon and ground chuck dropped 1 cent a pound. Prices for toasted oat meal remained unchanged at $3 for a 10-ounce box.
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