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WFBF: Retail Food Prices Down From Last Year
Wisconsin Ag Connection - 01/07/2010

Retail food prices around the state have fallen for the fifth consecutive quarter. The Wisconsin Farm Bureau Federation released its Market Basket quarterly survey on Wednesday, which shows the average price of 20 select food items in 26 communities have decreased by 61-cents during the past three months at $51.49. Compared to last year at this time, grocery prices are $6.41 cheaper for the same items.

According to WFBF Communications Director Paul Ketring, the biggest factor in the downward trend is lower fuel and energy prices. He says the decrease seen in energy costs in 2009 impact every stage of food production.

"Lower energy prices result in less cost for production, processing, transportation, and storage of food," Ketring said. "Over the past year, U.S. fuel and energy prices decreased 28-percent according to the U.S. Bureau of Labor and Statistics Consumer Price Index. A second major factor is continued sluggish consumer demand as reported by the American Farm Bureau."

The item with the largest percent decrease in the fourth quarter was butter. A pound of butter cost $2.48 in the fourth quarter, nearly 24-percent less than the third quarter retail price of $3.26. Although prices paid to farmers for milk have increased slightly through the second half of 2009, butter has a longer storage life than milk. Butter sold in the fourth quarter is most likely from milk produced earlier in 2009. The retail price for a gallon cost 13-cents more than the third quarter with a fourth quarter price of $2.72. This is 53-cents less than the fourth quarter 2008 price of $3.25. And a pound of cheddar cheese was $3.94 in the fourth quarter of 2009--about seven-cents more than the third quarter of 2009 and 22-cents less than the fourth quarter of 2008.

Meanwhile, potato prices were also down significantly in the fourth quarter. A 10-pound bag of Russet potatoes was $2.98 in the fourth quarter, 42-cents less than the third quarter and $1.33 less than the same time last year. A pound of pork chops was $3.21 in the fourth quarter, down 28-cents from the third quarter of 2009 and down 47-cents from the same time last year. Bacon, flour, and sugar also decreased in this quarter's survey.

But the price for a pound of tomatoes was up 44-cents in the fourth quarter of 2009 at $1.83. Retail prices for chicken breasts and whole chicken both increased as well. Ground sirloin and sirloin tip roast saw almost no change from the third quarter of 2009.


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