American Farm Bureau: Food Prices Down 13% From Last Year
Food prices at the grocery store are down 13% from last year. That’s based on a survey from the American Farm Bureau. Louisiana Farm Bureau specialist Neil Melancon says the quarterly survey looks at prices of sixteen different food items and the numbers look much better than they did this time last year.
“The average price for the 16 food items was about $49.70. That’s down $4.40 from one year ago,” Melancon said.
Steaks are down 11%, while chicken breasts are down 16% and bacon only decreased by 3%. Melancon says there was a spike in meat prices a few years ago because the demand outweighed the supply of livestock, but the like livestock supply has been rebuilt.
“What we had for cattle prices overall was a massive surge. Two years ago they were more than double where they are now,” Melancon said.
Prices for eggs have plummeted a whopping 51%, and whole milk is down 10%. Melancon expects the next survey, which will be conducted before Thanksgiving, to continue in the same trend.
“As we get closer to Thanksgiving and the holiday season, be on the lookout for a lot of these sales and specials and whatnot. If you shop around, you’re going to get the best bargain out there,” Melancon said.
Melancon says of the 16 items on the survey, only three increased in price- bagged salad by 16%, apples by 10%, and potatoes by 3%.