GRAND ISLAND, NE - The latest American Farm Bureau Federation Marketbasket Survey revealed retail food prices at the supermarket dipped slightly during the fourth quarter of 2011, The Independent reports.

The informal survey showed the total cost of 16 food items was down 7% or $3.89 to $49.23, with 14 of the 16 items down in price from the prior quarter. The overall price was up 5% compared to one year ago.

"Since about the last quarter of 2010, we have seen consistently higher prices quarter-to-quarter on a broad range of Marketbasket items," said AFBF Senior Economist John Anderson. "With this survey, that trend appears to have reversed. While the Marketbasket price was still higher year-over-year, the pull-back from recent highs on most of the items in the basket suggests that food price inflation is slowing down substantially."

Among the basket items and their price changes:

• Sliced deli ham decreased 74 cents to $4.69 per pound
• Shredded cheddar decreased 38 cents to $4.32 per pound
• Bacon decreased 36 cents to $4.05 per pound
• Sirloin tip roast dropped 13 cents to $4.15 per pound
• Ground chuck dropped 10 cents to $3.17 per pound
• Boneless chicken breasts decreased 9 cents to $3.24 per pound
• Eggs dropped 6 cents to $1.72 for one dozen
• Russet potatoes were down 68 cents to $2.75 for a 5-pound bag
• Red Delicious apples, down 43 cents to $1.40 per pound
• Flour, down 34 cents to $2.38 for a 5-pound bag
• Vegetable oil, down 25 cents to $2.96 for a 32-ounce bottle
• Bagged salad, down 25 cents to $2.48 for a 1-pound bag
• Orange juice, down 11 cents to $3.17 for a half-gallon
• Toasted oat cereal, down 10 cents to $3.07 for a 9-ounce box.

The only items that increased in price were whole milk, up 10 cents to $3.76 per gallon, and bread, up 4 cents to $1.92 for a 20-ounce loaf.

"With consumer confidence still a little shaky closing out the year, it appears that retailers are holding the line on food prices as much as possible," Anderson said. "Stabilizing energy prices this past quarter also may have helped take some of the pressure off of processor and retailer margins."

Historically, the Marketbasket Survey tracks with the federal government??s Consumer Price Index report for food at home.