date:Jul 21, 2012
By taking the total cost of 16 food items used to prepare one meal, the survey showed the price was down by $1.56 (3%) compared to Q1 and was down 1% on this time last year. The decrease could have a positive impact on shoppers as, according to the US Department of Agriculture, Americans spend just under 10% of their disposable income on food.
The majority of the quarter-to-quarter dip is said to be due to the lower retail prices of sliced meats and dairy products. AFBF senior economist John An