According to the survey, the total cost of 40 basic grocery items was $103.62 – down by $1.66, or approximately 1.6%, from the same list of items reported in the fourth quarter of 2009. While 27 of the items actually experienced minor increases in average price, the composite Marketbasket average price dropped due to major dips in cost found in the 13 items that decreased.
This quarter’s average price of Marketbasket items is the lowest it has been since the numbers reported in the third quarter of 2009, reflecting the downward trend of food costs that Kentucky consumers have enjoyed for the last nine months.
Of the six food groups recorded in the survey – beef, dairy, fruits and vegetables, grain, pork, and poultry – the beef category showed the greatest total decline with an average price drop of 9.5%. Fruits and vegetables made the largest jump with an average price increase of 6.3%. The largest single-item changes were found in rib-eye steaks with a $1.64 per pound decrease in price, and vanilla ice cream with an $0.80 increase.
The Marketbasket survey’s top five average price decreases for items in the first quarter of 2010 were:
Rib-Eye Steak in Jan. 2010 was $9.61 a lb. and in Apr. 2010 is $7.97 a lb. which is a decrease in price of -$1.64 a lb. -17.1%
Roll Sausage in Jan. 2010 was $5.65 a lb. and in April 2010 is $4.20 a lb. which is a decrease in price of -$1.45 a lb. -25.7%
T-Bone Steak in Jan. 2010 was $9.08 a lb. and in April 2010 is $7.65 a lb. which is a decrease of -$1.43 a lb. -15.8%
Mild Cheddar Cheese in Jan. 2010 was $4.32 a lb. and in April is $3.87 a lb. which is a decrease of -$0.45 a lb. -10.4%
Chicken Breasts in Jan. 2010 was $2.50 a lb. and in April 2010 is $2.06 a lb. = = which is a decrease of -$0.44 a lb. -17.6%
The Marketbasket survey’s top five average price increases for items in the first quarter of 2010 were:
Vanilla Ice Cream for Jan. 2010 was $2.37 a 1⁄2 Gal. and in April 2010 is $3.17 a 1⁄2 Gal. which is an increase of +$0.80 a 1⁄2 Gal. +33.8%
Ground Beef in Jan. 2010 was $2.03 a lb. and in April 2010 is $2.34 a lb. which is an increase of +$0.31 a lb. +15.3%
Chuck Roast in Jan. 2010 was $3.30 a lb. and in April 2010 is $3.55 a lb. which is an increase of +$0.25 a lb. +7.6%
Butter in Jan. 2010 was $2.48 a lb. and in April 2010 is $2.70 a lb. which is an increase of +$0.22 a lb. +8.9%
Idaho Potatoes in Jan. 2010 was $3.37 for 10 lbs. and in April 2010 is $3.58 per 10 lbs. which is an increase of +$0.21 for 10 lbs. +6.2%
Corn Oil in Jan. 2010 was $2.50 per 32 oz. and in April 2010 was $2.71 per 32 oz. which is an increase of +$0.21 per 32 oz. +8.4%
Vegetable Oil in Jan. 2010 was $2.34 per 32 oz. and in April 2010 is $2.55 per 32 oz. which is an increase of +$0.21 per 32 oz. +9.0%
Kentucky Farm Bureau Federation has conducted the Marketbasket survey for four decades as a tool to reflect retail food pricing trends and their relationship to what farmers receive for their raw commodities. On average, the farmers’ share of the retail food dollar is around 19 cents.
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