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Andrew K. Johnson
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How will food prices impact your holiday dinner table?

(FARMINGTON HILLS, MI - November 20, 2013) While November means getting ready for holiday dinners and other parties, people might have to budget a little more for food this year. The American Farm Bureau Federation recently released their Semi-Annual Marketbasket Survey, concluding that shoppers are paying slightly more for food items at the grocery store compared to the first half of 2013.

The informal survey shows the total cost of 16 food items that can be used to prepare one or more meals was $53.20, up $1.66, or about 3 percent, compared to a survey conducted about six months ago. Of the 16 items surveyed, 11 increased and five decreased in average price.

“Several poultry and dairy product items increased in price during the second half of the year, accounting for much of the increase in the Marketbasket,” said John Anderson, AFBF’s deputy chief economist.

Items showing retail price increases included:
•    Chicken breasts, up 61 cents to $3.93 per pound
•    Russet potatoes, up 49 cents to $3.18 for a 5-pound bag
•    Bacon, up 43 cents to $4.71 per pound
•    Whole milk, up 25 cents to $3.71 per gallon
•    White bread, up 18 cents to $1.83 for a 20-ounce loaf
•    Toasted oat cereal, up 18 cents to $3.09 for a 9-ounce box
•    Bagged salad, up 12 cents to $2.83 per pound
•    Shredded cheddar cheese, up 4 cents to $4.51 per pound
•    Flour, up 4 cents to $2.66 for a 5-pound bag

These items showed modest retail price decreases:
•    Deli ham, down 68 cents to $4.71 per pound
•    Sirloin tip roast, down 28 cents to $4.35 per pound
•    Ground chuck, down 5 cents to $3.69 per pound
•    Apples, down 4 cents to $1.59 per pound
•    Eggs, down 2 cents to $1.82 per dozen

“There are a few inexpensive ways to set your food table this holiday season,” said David Flores, GreenPath counselor. “Consider buying a frozen turkey on sale ahead of the holiday.” (The USDA says frozen turkey can stay good for a year in your freezer.) He also said that one might want to consider chicken or other inexpensive meats as an alternative to the traditional turkey.

“The holidays can be stressful as well as a financial drain on the pocketbook,” he continued.  “Reach out to your extended family for assistance.  Many people are happy when asked to share a dish to pass because they get a chance to show off one of their favorite recipes.”

For more information on the study, log on to www.fb.org and search “Semi-Annual Marketbasket Survey.”

 

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GreenPath Financial Wellness is a nationwide, non-profit financial organization that assists consumers with credit card debt, housing debt and bankruptcy concerns. Their customized services and attainable solutions have been helping people achieve their financial goals since 1961. Headquartered in Farmington Hills, Michigan, GreenPath operates more than 50 branch offices in Michigan, New York, New Hampshire, Colorado, Florida, Texas, Vermont, Illinois, Indiana, Wisconsin, Arizona and Wyoming. GreenPath also delivers licensed services throughout the United States over the Internet and telephone. GreenPath is a member of the National Foundation for Credit Counseling (NFCC) and is accredited by the Council on Accreditation (COA). For more information, visit www.greenpath.org.