There’s a mystery going on for consumers shopping for groceries. Most commodities like corn, wheat and especially oil have been declining for months now. But surprisingly, the cost of food prices in grocery stores keep rising.
Based on recently released federal figures, food inflation has slowed in October but grocery prices are 7.5 percent higher compared to last year.
What these means for consumers as the economy weakens further, is a shift in how they purchase food. Coupon usage is up. Store label brands are often now the choice over national brands. Beef lovers are even switching to cheaper cuts of meat. When will this madness end?
As Thanksgiving quickly approaches, it’s going to cost quite a bit more than last year. Did somebody stuff my turkey with gold?
The American Farm Bureau conducts an annual survey pricing food items needed for a typical Thanksgiving dinner. Get ready for some turkey sticker shock.
- A 16 pound turkey is up 8.3% versus 2007.
- 3 pounds of sweet potatoes is up 1.3% versus 2007.
- 14 ounces of cube stuffing is up 7.1% versus 2007.
- 12 ounces of fresh cranberries is up 11.8% versus 2007.
- 12 bread rolls are up 16.4% versus 2007.
It’s not all bad news. There is a silver lining after all …..
- 1 gallon of whole milk is down 2.6% versus 2007.
Got milk?
{ 1 comment… read it below or add one }
C.Winters 11.25.08 at 1:24 pm
At least milk is going down!