Guess what? Just in time for summer, we are actually paying less at the supermarket!
1200 WOAI news reports the quarterly survey of a standard grocery cart containing 16 staple food items costs $44.55 today, down from $46.40 in February, a drop of nearly 4%.
Leading the lower price is steak, which topped out this past winter and has fallen 11% in price since then. A pound of top sirloin steak that cost $6.12 in February will cost $5.43 today, as the worst impact of the 2011 drought appear to be easing. But the price of steak is still elevated, in June of last year, that same pound of steak cost $3.74.
Agriculture economist Ricky Volpe says regardless of the lower prices today, consumer prices generally are rising, and that means food prices will start rising as well.
"Those prices are actually up 3% from the same time last year," Volpe said. "That suggests that we are going to start seeing food inflation pick up."
Of the 16 items in the Texas Farm Bureau food basket, only three of them, grapefruit, white bread, and vanilla ice cream, cost more today than they cost in February.
Other staple foods have seen some significant price drops in the past three months. The cost of chicken breasts is down nearly 4%, Corn Flakes are down 6%, and dried pinto beans are down 11%.