Shoppers paid slightly more for food at the grocery store during the third quarter of the year, with many popular breakfast staples showing an increase in retail price. Higher retail prices for eggs, bacon, orange juice, milk and toasted oat cereal, among other foods, resulted in a slight increase in the latest American Farm Bureau Federation Quarterly Marketbasket Survey.
The informal survey shows the total cost of 16 food items that can be used to prepare one or more meals was $51.90, up $1.00 or about 2 percent compared to the second quarter of 2012. Of the 16 items surveyed, 9 increased and 7 decreased in average price compared to the prior quarter. The cost for the overall basket of foods decreased about 2 percent compared to one year ago.
Most of the slight quarter-to-quarter increase in the marketbasket of foods can be attributed to higher retail prices for breakfast staples, apples and bagged salad.
According to USDA, Americans spend just under 10 percent of their disposable annual income on food, the lowest average of any country in the world.