Retail prices for food at the supermarket dropped about 4% in the fourth quarter of 2004, offsetting most of the increase recorded in the third quarter, according to an American Farm Bureau Federation survey.
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The informal survey on the total cost of 16 basic grocery items showed a decrease of $1.51 from the 2004 third quarter survey. The third quarter average price for the items was $1.53 higher than the second quarter.
The $38.87 average paid by shoppers for the 16 items in the fourth quarter was $1.44 higher than the 2003 fourth quarter survey average of $37.43. The AFBF said that despite the increase Americans spend just 10% of their disposable income on food annually, the lowest average of any country in the world.
