Retail food prices at the supermarket decreased slightly in the fourth quarter of 2008, according to the latest American Farm Bureau Federation Marketbasket Survey. The informal survey shows the total cost of 16 basic grocery items in the fourth quarter of 2008 was $48.19, down about 1 percent or 49 cents from the third quarter of 2008.
Of the 16 items surveyed, 11 decreased and five increased in average price compared to the 2008 third-quarter survey. The overall cost of the marketbasket items in the fourth quarter of 2008 increased by 7 percent compared to the first quarter of 2008, which tracks closely with the federal government’s Consumer Price Index for all food during a similar time period, according to AFBF.
As for potatoes: a five-pound bag of potatoes was down 2 cents to $3.36 compared to the third quarter.
