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The estimation for the FOX Business Network Shopping Cart increased 0.67% in June to $75.39 – about 7.0% other thing than the same 31-item grocery basket cost a year ago. The month-month increase was the steepest since January and the year-year increase the fastest ago December.

In June, average hourly earnings rose 0.39% and are up 3.45% as June 2007. As a result, it took the average wage-earner nine minutes longer to earn the require to be paid of the shopping basket in June than it did one year earlier.

The FBN Shopping Cart includes basic food items — milk, butter, eggs, bread, meat, produce and vegetables — as well for example fun foods, such as potato chips, chocolate chip cookies, soda, beer and ice cream. All the items are tracked by the Bureau of Labor Statistics as part of the monthly consumer price index report.

Prices went up in June for 17 of the items in the basket, a slight amending from May when prices were higher for 18. But, in the exceeding year, prices rose for 28 of the items in the cart. In May, put on a year-year basis, increased for 25 items.

BLS also reported average weekly earnings (the product of hours worked and medial sum hourly earnings) rose to $606.94 in June from $604.58 in May. A year ago, average weekly income were $589.86 (when the shopping cart cost $70.30).

The only three items for which prices dropped in the endure year were a pound of sirloin collop (down 23 cents, 3.8%), a pound of ham (down 5 cents, 2.3%) and a pound of bacon which dropped less than penny, about 0.05%.

Month-over-month, price increases were led – in dollars – by the cost of a pound of potato chips (23 cents), swine-flesh chops and apples (11 cents each) and grapefruit. On a percentage basis, the require to be paid of a pound a grapefruit jumped 10.8%, apples 8.6%, tomatoes, 8.3%, potatoes, 6.4% and potato chips, 5.9%.

In the be unconsumed year, price increases were led by means of the cost of a pound of potato chips (59 cents), a twelve eggs (55 cents), a gallon of milk (35 cents) a pound of American cheese and tomatoes (30 cents each). By percentage, prices rose fastest in the last year for a pound of flour (51.1%), a dozen eggs (39.8%), a pound of pasta (27.2%), a pound of bananas (23.6%) and a pound of apples (20.5%).

While the price of a gallon of milk rose from$3.76 in May to $3.77 in June, the price of a gallon of regular gasoline increased from $3.766 in May to $4.074 in June. In the last year, the price of a gallon of gasoline rose $1.018,  almost three times the increase in the price of a gallon of milk.

The prices were collected in the etch of the heavy flooding in the Midwest, affecting prices for corn and soybeans leading to a run-up in prices for those grains affecting eggs, among other items.

The higher cost of grain contributed to the decline in prices for sirloin steak at the same time that cattle ranchers, rushed stock to market.

The higher cost of domestic grain however is not the only culprit: the import price index for food was up 1.9% in June, the fastest asperse from that time January. Year over year prices are up 15.8%, the steepest year-year increase for imported food since the Commerce Department data series began in 1978.

[Fox Business Intern Adam Samson contributed to this report.]

 

Mark Lieberman is the senior economist on the side of the Fox Business Network. Prior to joining FOX, he served as first vice president at Washington Mutual, where he was manager of economic analysis and research. Before that, he served as senior vice president at Dime Savings Bank of New York (which was later acquired by Washington Mutual), where he specialized in credit and risk management. He has a degree in Economics from the Wharton School of the University of Pennsylvania.