Prices On Foad To Climb ■r

TRENTON -. New administration in Washington or not, food prices will continue to rise in 1981, perhaps topping the double-digit level. That's the word from New Jersey Food Council Chairmah Meyer BUrgstein, of Vomado, w|k> advised that all signs point toward "continued stagflation," at least through the first half of the year . "There are three basic reasons that grocery prices are likely to jump by double digits." the Warren resident said: "Devastating weather, particularly the severe drought of last summer; the continued effects of soaring inflation, and, of course, OPEC, since our industry is so energy intensive. Hopefully, the percentage of increase should be somewhat lower in New Jersey than elsewhere," Burgstein said, "beaause of the fierce competition for the food dollar in our state." He noted that the food biH ran about 9 per cent more in 1980 than the previous year, "which was well below the ovefall rate of inflation." THE NJFC IS the trade association for the state's multi-billion dollar grocery industry and many of its goods and services suppliers. Its retail members account for more than 90 per cent of New Jersey's grocery store sales. Particular items to watch in 1981 are: Grain prices — wheat. ' corn and soybeans: Grain is up 20-30 per cent over a year ago because of lower American corn and soybean harvests and smaller wheat yields in Austrlia. China and the USSR already have boosted grain prices 25-30 per cent. Com prices could

reach record levels, while production will drop about 17 per cent below last year, according to the U.S. Dept, of Agriculture. BEEF. PORK and poultry: We are presently feeling the effects of the cattle herds that were badly depleted from 197577, when ranchers and farmers were discouraged frotn fattening their stocks because of relatively low prices. Now that prices are higher, herds are being rebuilt] but we will not see any abundant supply before 1982. Price for a choice rib roast Will be up about 15 per cent. Hog and poultry farmers similarly cut back during 1980, so pork and poultry prices also may be on the rise, although turkey remains a

good buy."

Sugar: Poor weather here and, in Russia, Thailand and Sofith Africa, * plus crop disease in Cuba, account for the /act that raw sugar is nearly five times as expensive as during 1977-78 And, since sugar is a major ingredient in many other food items, the cost for candy, ice cream, cake and soft drinks, for instance, is expected to rise ac-

cordingly.

PEANUT BUTTER Last summer's drought cut most of the nation's peanut plants by some 40 per cent over 1979, and many peanut growers, including America's outgoing President, concede that it’s the worst peanut shortage in the last 25 years. This shortage also creates a price boost .in, surprising as it seems, cold cream, shaving cream, fireplace logs, ink, explosives and kitty litter, since peanuts are used in those items. Coffee: Some good news, since coffee supplies are abundant, so prices are

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generally lower than they

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Pasta: Despite increased wheat costs, pasta is still a good vafae. Fish is also a good alternative to meat; however, the market can be extremely volatile due to weather conditions at

BURGSTEfN SAID that while soaringinterest rates will continue to retard store expansion, * experimentation will continue in store size and scope. "This means we will see everything from socalled ‘box’ or ‘limitqd assortment' stores (which feature hundreds, rather than thousands, o( items) to 'super stores’ of 50,000 or more square feet, which sell everything from tea bags to television sets." Also certain to be steppedup, he said, will be various services tied to the increasingly popular onestop shopping concept. Included are pharmacies, . "fast" food counters, bakeries and even banks. "And, in a never-ending effort to boost productivity, there wil(.be more scanning. pr computerizecf checkout counters," Burgstein said. Almost 30 of Nfew Jersey's 900-plus supermarkets now use scanners to "read” the Universal Product Code bar-symbol that appears on most products; provide the consumer with a detailed cash register tape which quickly identifies each product and price; and speed up the checkout line. Scanners also permit the store to improve product mix and control inventory. There are now more than 1,500 scanner stores in the country and that number could double in 1981. NEW JERSEYsupermarkets are making other efforts to improve productivity and cut costs, said Burgstein. "Once again, the legislature has before it a bill (A-397) to permit grocery stores to obtain local licenses to sell beer and wine," he said. "In view of the form that alcoholic deregulation has taken during the past year, we think there's a greater chance for success than ever. It’s only natural, particularly in ttiesfe energy saving days of onestop shopping, to permit N.J. supermarkets to do what groceries in most other states arc doing: sell beer and wine. " What can shoppers do to help cut their food costs’’ One thing the NJFC suggests is for consumers to utilize unit pricing, saving money through price per measure comparison. The NJFC during 1980 joined with the N.J. Division of Consumer Affairs in designing a unit pricing awareness program, osyng Bugs Bunny asking his famous. • What's UP. Doc?" The UP. of course, stands for Unit Pricing. Overall, the NJFC chairman said, "stagflation" stagnant economy coupled with inflation— "remains very much with us. and there’s very little anyone can do to stem the tide. Even if the new administration implements successful new economic programs, we probably won't feel their effects for quite a whilecertainly not enough to help much before year's

end."

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Bank Has Big Last Quarter

First Peoples Bank of New Jersey had year-end 1980 resources in excess of one billion dollars, with improved fourth-quarter earnings helping offset the full-year drop in profits. "The year 1980 was a difficult one for the total Economy, for the region we serve, and for our bank," said First Peoples President and Board Chairman William' G. Rohrer. "However, the encouraging fourth-quarter earnings give strong indication of a better record in 1981.” OPERATING EARNINGS for the last three months of 1980 were $2,444,126, an improvement of 29.91 per cent over 1979 totals of $1,881,347.

Net fourth quarter i960 earnihgs were also $2,444,126, a gain of 24.6 percent over 1979's figures of $1,963,746. Fourth quarter earnings per share — assuming no dilution — were up 27.42 per cent from $1.24 per

share in 1979 to $1.58 in 1980. ' Assuming full dilution to allow for the issuance of preferred convertible stock, fourth quarter 1980 earnings per share improved by 25 percent — from $1.04 in 1979 to $1.30 in 1980. DEPOSITS AT First Peoples increased by 5.03 percent during 1980, rising by $43 million from yearend 1979's total of $871.5 million to $915.3 million on Dec. 31, 1980. Total resources increased by $68 million, or 7.21 percent, during the same period. As of Dec. 31, 1980. total resources were $1,025 billion. On December 31. 1979, resources were $957 million.