Kentucky Ag News
Retail food prices in Kentucky decrease slightly during fourth quarter of 2016
Kentucky Farm Bureau
LOUISVILLE - Fourth quarter results of the latest Kentucky Farm Bureau Marketbasket Survey indicated a slight decrease in surveyed food prices and marked declines in three of the four quarters of 2016. With the exception of last year’s second quarter, price declines indicated by the survey have been realized over the last two years.
These prices, which represent the average total cost of 40 basic grocery items included in the survey, declined by .87 percent or $1.02. The total cost of the 40 items was $117.49. During this same period last year, the total price for these same items stood at $119.43.
The largest decline, percentage wise, came by way of the grains category which dropped by 5.52 percent; followed by fruits and vegetables, which declined by 4.89 percent; poultry, which dropped by 3.02 percent; and dairy, which saw prices fall by 2.14 percent.
Beef products increased slightly by .45 percent while pork prices increased by 6.41 percent, the largest percentage change in all of the food categories.
The fall in prices mirrors what is happening nationally to food prices, although most of the declines are relatively small.
According to the latest information from the Bureau of Labor Statistics, the Consumer Price Index noted, “The food at home index declined 2.2 percent over the past year, (unchanged from last month’s figures) with all six of the major grocery store food group indexes falling. The index for meats, poultry, fish, and eggs posted the largest decline over the span, decreasing 6.0 percent.”
Marketbasket Survey specifics:
The price on a five pound package of corn meal declined by $.27; a 20 oz. loaf of white bread fell by $.15; a 10 pound bag of potatoes decreased by $.78; a dozen large eggs dropped by $.21; and a one pound unit of butter dropped by $.41.
A two-pound package of rolled sausage increased by $1.13; one pound of pork spare ribs increased by $.37; and rib eye steak increased by $.98 per one pound unit.