Show-Me State food prices ring higher in 3Q

Third-quarter food prices in Missouri registered an increase of $3.71 per average basket of goods compared to the first quarter of the year, according to the American Farm Bureau Federal Marketbasket survey.

The average price for a basket of food containing 16 regularly tracked items cost $52.44 in the Show-Me State for the three months ending Sept. 30, up from $48.73 in the first quarter. In third-quarter 2012, the same basket of items cost an average $51.58. Missourians realized third-quarter savings of 76 cents compared to the national average of $53,20, according to a Missouri Farm Bureau news release.

“Most of the price shifts occurred in the meat and dairy cases,” said Diane Olson, Missouri Farm Bureau director of promotion and education, in the release. “The survey found a slight to modest increase in the price of ground chuck, sirloin tip roast, bacon, sliced deli ham, chicken breasts, eggs and whole milk.”

AFBF chief economist John Anderson said the increases in meat and dairy were driven by consumer demand.

Of the 16 items, 10 registered higher prices, five were lower and one was unchanged. Lower prices were found in all-purpose flour, vegetable oil, white bread, orange juice and shredded cheddar cheese, according to the release.

Survey results show, on average, Americans spend just under 10 percent of their disposable income on food, the lowest average worldwide, according to the AFBF.[[In-content Ad]]