Lower retail prices for several foods, including eggs, whole milk, cheddar cheese, chicken breast, sirloin tip roast and ground chuck resulted in a decrease in AFBF’s Fall Harvest Marketbasket Survey.
The informal survey shows the total cost of 16 food items that can be used to prepare one or more meals was $49.70, down $4.40 or 8 percent compared to a survey conducted a year ago. Of the 16 items surveyed, 13 decreased and three increased in average price. Egg prices dropped significantly due to production recovering well from the 2014 avian influenza, according to John Newton, AFBF director, market intelligence. Milk prices are down substantially from prior years, particularly compared to record-highs in 2014, due to the current global dairy surplus.
“For all commodities in agriculture there is a lot of product on hand and prices are depressed,” Newton explained.