By Mike Timmermann, Clark Howard
If you’ve noticed that some grocery staples are going on sale more often, you should know that it’s actually part of a much larger trend.
There are several popular items that are actually falling in price.
The Bureau of Labor Statistics (BLS) tracks this sort of stuff, and we’ve identified seven items that cost less than this time just one year ago.
Save money on these foods this summer
Milk prices are down 7% from last year, according to the BLS.
While the price of milk seems to fluctuate more than other items, this appears to be a matter of oversupply. In fact, the Associated Press reports that China has reduced its imports of American milk.
Since the price of milk is going down, it only makes sense that cheese prices would follow suit.
As the Wall Street Journal put it, “America has built up a glut of cheese so big that every person in the country would need to eat an extra 3 pounds this year to work it off.”
Time.com adds that a strong dollar is making it difficult to export the extra cheese.
You’ve probably already noticed the trend of lower beef prices, and the BLS data indicates that there’s no reason to believe prices will take a turn upward.
For example, the price of ground beef is down 9.8% since April 2015 and 3.5% from this past March.
What a difference a year makes. Eggs were so expensive last summer as the bird flu outbreak forced prices to skyrocket. But those days are long gone.
In fact, a heavy supply has reportedly led to the lowest egg prices in about 10 years.
Pork lovers, there’s good news for you as well. According to the government data, prices are down 2% to 5%, depending on the type of pork you buy.
The one exception is bacon, which has actually gone up in price about 7% since last year.
The decline of coffee bean prices is already leading to lower prices at the grocery store.
J.M. Smucker, the maker of Folgers and Dunkin’ Donuts coffee, just told Reuters it would cut prices of its U.S. packaged coffee brands.
Expect to see a price decrease of about 6% for those brands, but K-Cup pods are not included.
The price of bananas has dropped about 4% over the last year, and the trend has continued in recent months as well.
That’s a notable decline, but nothing like what’s happening in Australia. According to the Daily Mail, some retailers are giving away bananas by the box-load because they just have too many!
Ideal growing conditions this year have led to the oversupply.
Follow this link for more stories Clark Howard