Prices Show Slight Increase in Recent Fall Harvest Marketbasket

The American Farm Bureau’s Fall Harvest Marketbasket is out.  And it shows the total cost of 16 foods that can be used to prepare multiple meals was $51.13.  The cost is up $1.43, or about 3%, from the survey results a year ago.  AFBF Director of Market Intelligence John Newton says higher retail prices for several foods were behind the increase.

“Bacon prices increased significantly.  We also so orange juice prices up quite a bit from where they were last year.  We did see some prices come down from where they were last year, most noteablty salad mix.  The drought last year really pushed lettuce and salad prices up, and we’ve seen some releases in those prices this year.”

Newton added the prices included in the survey reflect consumer demand.  For example, consumers love bacon right now.

“If you think about what’s happening in the food service sector, consumers are enjoying more fatty foods, and bacon is the sexy food item at the restaurant and at the retail space.  Bacon inventories are down from where they were in prior year levels, and as a result we saw pork belly prices rise to highs we haven’t seen in recent years, and that’s reflected in those retail bacon prices.”

The Fall Harvest Marketbasket survey is part of four food price trend surveys conducted by AFBF during the year.  The next survey will be the Thanksgiving survey.  To check out the Marketbaseket number, Click Here.

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