Grocery store food prices have declined in 2016, the first time that’s happened since 1967.
USDA food price economist Annemarie Kuhns says supermarket prices were down about 1 percent overall, with meat and eggs showing the largest decreases, year-over-year.
“We’re expecting beef and veal prices to decrease between 5.75 percent and 6.75 percent—and pork prices are expected to decline between 3.25 and 4.25 percent,” Kuhns says. “On poultry, we’re expecting to pay between 2 and 3 percent less. On eggs, we’re expecting those to decline 21 to 22 percent.”
And Kuhns says dairy products were down about 2 percent compared to 2015.
Kuhns predicts grocery store food prices will increase about 1 percent in 2017.
Source: brownfieldagnews.com