.



.

Grocery Store Items Up Nearly 7% in Q1 of 2012

Pain at the pump supermarket. Food prices up 6.9 in the first quarter of this year compared to the same time in 2011.


latimes
A basket of meats, cheese and other goodies from the grocery store cost 6.9% more in the first quarter of 2012 than it did a year earlier, according to the American Farm Bureau Federation.

A group of 16 items, including cheddar cheese, sirloin-tip roast, salad, orange juice and eggs, cost consumers $52.47 during the first three months of the year, the farm group said. During the same period last year, the price was $49.07. In the fourth quarter of 2011, it cost $49.23.

The cost of meats such as sliced deli ham and bacon were up due to strong demand and tight supplies, said AFBF senior economist John Anderson in a statement. But prices may have peaked, allowing for less expensive protein as the year continues, he said
.

Flour, russet potatoes, apples and toasted oat cereal have all become pricier for consumers, according to the report. Only three items in the basket have gotten cheaper: whole milk, white bread and boneless chicken breasts.

Farmers ended up with an average of 16%, or $8.44, of the revenue from each theoretical basket. In the mid-1970s, they would receive about a third.

Americans spend less than 10% of their disposable annual income on food -- less than any other country, according to the USDA.