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Ag in the AM: Grocery Prices Drop at Close of 2012

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WASHINGTON, DC - Food prices are up from last year though they did fall in the fourth quarter.

The latest American Farm Bureau Federation "Marketbasket Survey" found that it costs just over $50 to buy the 16 items it uses as a cost estimate to prepare one or more meals.

That price is actually down $1.36 from the survey released last fall but up 3% from last year.

Prices fell for Russett potatoes, bagged salads, deli ham, apples, and sirloin tip roast.

Prices rose for whole milk, orange juice, white bread, ground chuck, and shredded cheddar cheese.

The Farm Bureau says as retail grocery prices have increased gradually over time, the share of the average food dollar that America`s farm and ranch families receive has dropped.

As for the coming year, the Farm Bureau says food prices could rise by three to four percent.

According to the U.S. Agriculture Department, Americans spend just under 10 percent of their disposable annual income on food, the lowest average of any country in the world.

The Farm Bureau says the farmer`s share of this quarter`s $50.54 Marketbasket would be just over eight dollars.