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Food prices decline during final months of 2008
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For the first time in several quarters, Arizona retail food prices decreased during the final three months of last year, according to the latest Arizona Farm Bureau Federation Marketbasket Survey.
The survey showed the total cost of 16 basic grocery items was $54.75 in the fourth quarter. That was down $2.71, or 4.7 percent, from the third quarter survey, the bureau said.
Survey: AZ grocery prices up 12 percent in year
But the total was still 11 percent higher than the same quarter a year ago.
Of the 16 items surveyed, 11 decreased in price, three increased and two remained the same compared with the third quarter. Corn and vegetable oil showed the largest increase, up 37 cents, while milk declined the most, down 88 cents per gallon.
Despite the collapse in oil prices and steep declines in farm commodity prices, retail food prices have not yet declined as significantly, said bureau economist Jim Sartwelle.
But if world demand for U.S. commodities continues to weaken, retail food prices may decline somewhat, he said.
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