Increases in grocery prices slowing
January 29, 2012 12:54AM
Updated: March 1, 2012 8:11AM
Grocery food price increases are forecast to slow this year, according to the U.S. Department of Agriculture. Last year, they jumped 4.8 percent, compared to a forecast of a 2.5 percent to 3.5 percent rise this year.
Labor Department statistics show double-digit jumps in prices year-over-year for several staples in Midwest cities in December, the month with the most recent data.
Chuck roast, 1 lb., $4.41 up 16%
Chicken, 1 lb., $1.50 up 17%
Margarine, 1 lb., $1.97 up 17%
Apples, 1 lb., $1.28 up 15%
Peanut butter, 1 lb., $2.43 up 22%
Ground beef, 1 lb., $3.75 up 18%
But among foods that fell in price were tomatoes, at $1.47 a pound, down 9 percent; and strawberries; a 16 ounce package was $2.28, down 20 percent. For those looking to drown their sorrows, the price of a one liter bottle of wine dropped 22 percent to $10.80.