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Farm Bureau survey indicates food price drop

Lower price for eggs, chicken, milk and some beef cuts have resulted in a decrease in the American Farm Bureau’s Fall Harvest Marketbasket Survey.

The informal survey shows the total cost of 16 food items was $49.70.  That’s down 8 percent compared to a year ago.

The Farm Bureau says egg prices are half what they were a year ago since production has recovered from the 2014 avian flu outbreak.  Milk prices have fallen about 10 percent because of the global dairy surplus.  Beef roasts, hamburger and cheese are also down about 10 percent from a year ago.

On the other hand, apples, potatoes and lettuce cost more.

The USDA says Americans spend just under 10 percent of their disposable annual income on food, the lowest average of any country in the world.