First quarter grocery prices drop
Quarterly food basket prices drop to $45.12, according to TFB’s Grocery Price Watch survey
(WACO, Texas)—Retail food prices showed a decrease during the first quarter of 2017, with a basket of 16 staple items at the grocery store totaling $45.12, according to the latest Texas Farm Bureau (TFB) Grocery Price Watch survey.
Prices dropped 3.59 percent over last quarter and 2.82 percent compared to this time last year.
“Lower prices are good news for Texas families, taking a little bit of pressure off tight budgets,” TFB President Russell Boening said.
The biggest decreases were at the meat counter, with sirloin steak leading the drop. It fell to $5.29 per pound, down from $6.63 last quarter.
Ground beef—80 percent lean—is down 8 cents to $3.62 per pound.
“Beef production in the last quarter of 2016 was high and it’s still increasing in the beginning of 2017,” Boening said. “Reports also have beef prices forecast lower throughout the year.”
Other proteins also saw a decrease.
Prices for pork chops fell 7.07 percent to $3.55 per pound, compared to $3.82 per pound last quarter.
Boneless, skinless chicken breasts showed a one cent drop from last quarter to $3.33 per pound.
Slicked turkey was the only protein to see a price increase in the first quarter, up 4.14 percent to $5.03 per pound.
Of the 16 items surveyed, fresh tomatoes, corn flakes, long grain rice, vanilla ice cream, dried pinto beans and block cheddar cheese also decreased in price.
Shoppers saw costs for lettuce and grapefruit go up. Slightly higher increases were noted for white bread, vanilla cake mix and 2% milk.
The TFB Grocery Price Watch is conducted quarterly by shoppers strategically located across the state. The current survey data was collected by 44 shoppers from March 2-9, 2017. TFB has monitored Texas food prices through its Grocery Price Watch survey since March 2009.