Agricultural pricesWallace, Henry A. (Henry Agard)
Science
Agricultural prices
Wallace, Henry A. (Henry Agard)
Agriculture -- Statistics; Farm produce; Prices
Round steak, per pound $.159
Rib roast, per pound .148
Pork chops, per pound .157
Bacon, per pound .206
Ham, per pound .199
Lard, per pound .122
Hens, per pound .165
Eggs, per dozen .267
Butter, per pound .294
Milk, per quart .071
Flour, per bag of 24.5 pounds .722
Corn meal, per pound .023
Potatoes, per peck .243
Sugar, per pound .051
It is interesting to note that in September of 1919, when there was a
universal outcry against retail prices, an outcry vigorously encouraged
by notoriety-seeking politicians, that retail prices were about as might
have been expected from Dun’s index number. Dun’s index number was
$238.34 on September 1, 1919, and the first column of Table 2 gives the
retail price which we might expect by applying the standard ratios. The
second column gives actual prices on September 15th, as reported by the
Bureau of Labor Statistics:
TABLE 2.
Sirloin steak, per pound $.436 $.409
Round steak, per pound .379 .379
Rib roast, per pound .352 .312
Pork chops, per pound .374 .460
Bacon, per pound .490 .556
Ham, per pound .474 .552
Lard, per pound .291 .382
Hens, per pound .393 .414
Eggs, per dozen .636 .632
Butter, per pound .701 .657
Milk, per quart .169 .157
Flour, per bag of 24.5 pounds 1.721 1.790
Corn meal, per pound .055 .067
Potatoes, per peck .579 .645
Sugar, per pound .122 .110
The factors as worked out in Table 1 are ratios between yearly average
retail prices and yearly average Dun’s index numbers. Even retail
prices, however, have some seasonal swing. For instance, meats tend to
be cheaper in the winter than in the summer, whereas butter and eggs
tend to be cheaper in the summer than in the winter. Because of the
seasonal swing, the first column of Table 2 is not absolutely accurate.
For instance, the retail price of sirloin steak in September is usually
about 2 per cent higher than the yearly average, and, corrected for the
month of September, the price should have been 44.5 cents, instead of
43.6 cents. On the same basis, the seasonally corrected price for butter
for September, 1919, was 68.6 cents, instead of 70.1 cents.
Public-domain text, read in full here on John Shaqi.
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