food prices
Trump says it’s hard to bring down prices
President-elect Donald Trump, who recently told an interviewer, “I won on groceries,” said in a Time magazine transcript released on Thursday, “It’s hard to bring things down once they’re up.” Meanwhile, a Purdue University poll found that consumers have lowered their expectations for food inflation.
Consumers say ‘shrinkflation’ continues in food
Three out of four Americans said they have noticed “shrinkflation” at the grocery store within the past 30 days, with snack foods catching their attention most frequently, said a Purdue University report on Wednesday. Shrinkflation is the practice of reducing the amount of food in a package while keeping the price the same.
Food inflation’s ‘remarkably small’ bite and consumer perception
Americans are spending a greater share of their income on food than they did before the pandemic, but the increase is less dramatic than some commentators are making it appear in an election year, said two think tank analysts on Wednesday. Food is the second-largest consumer expense, accounting for about 13.4 cents of the consumer dollar.
Food prices are not going to decrease, says analyst
Despite the attention the cost of food is getting in the presidential campaign, “food prices are not going to decrease,” said Aaron Smith, a University of California professor of agricultural and resource economics, in a blog on Thursday. “In a healthy economy, the prices of individual products go up and down, but the general price level only goes up.”
One in three consumers expect inflation to worsen this fall
The U.S. inflation rate is the lowest in three and a half years, but six of 10 consumers say inflation affects them more now than it did three months ago, and more than one-third of them expect inflation will be worse in November than it is now, according to a University of Illinois survey. Republicans held the gloomiest views.
Support for regenerative agriculture drops if food costs more
Consumers like the goals of regenerative agriculture, but they don’t want to pay more for food produced with the climate-friendly practices, said a Purdue University survey released on Wednesday.
Consumers say political parties can fix high food prices—but only if their side wins
Just as presidents get credit for steering the U.S. economy, consumers in a University of Illinois survey said the two major political parties can help lower grocery prices — but only if their side is in charge. A minority of respondents in the poll released on Monday said the issue was beyond solution by politicians.
Big cane and beet output add up to record U.S. sugar production
U.S. sugar production will be the highest ever in the fiscal year that begins on Oct. 1, thanks to peak sugarbeet and sugarcane output, said a monthly USDA report. Production was forecast at 9.514 million tons, raw value, a nearly 4 percent increase from the current year.
Food inflation rate is lowest since May 2021
Food prices rose by a modest 2.2 percent in the past year, and while hamburger and pork chops cost more than they did last July, cheese, rice, and potatoes cost less, said the Labor Department on Wednesday. It was the sixth month in a row of low food inflation, and a Purdue survey indicated that inflation-wary consumers believe food prices are moderating.
‘Turning the corner’ on grocery inflation
After the largest inflationary jolt in prices in a half century, “We are seeing signs that grocery prices may be turning a corner,” said White House national economic adviser Lael Brainard on Thursday. The grocery inflation rate was 1 percent over the past 12 months, Brainard said during a speech, “but corporations have to do more to bring their prices down.”
Consumers: Prices are fairer at the supermarket than at restaurants
Survey: Higher food prices stick in Americans’ minds
A clear majority of Americans say that food prices increased more than any other household expense in the past year and that the food inflation rate is three times higher than its current 2.1 percent, according to a Purdue University survey released on Wednesday.
Americans expect high food inflation to persist
Despite the recent slowdown in the rise of food prices, many consumers believe high food inflation will persist for a year to come, said Purdue researchers on Wednesday. Republicans were far more likely than Democrats to predict higher food prices, suggesting a partisan tint in expectations.
Fewer cattle and lower U.S. beef production in the near term
Despite market prices that could reach record highs, the cattle industry is unlikely to expand herd numbers for the next year or two, said analysts, pointing to high feed costs, lingering drought, and a limited labor supply. As a result, Americans are forecast to consume nearly 3 percent less beef per person this year than in 2023.
Grocery prices to edge downward in 2024, says USDA forecast
After two years of higher-than-normal grocery inflation, retail food prices are headed for their first year-over-year decline since 2017, said USDA economists on Thursday. Grocery prices would be an average of 0.4 percent lower this year than in 2023, led by falling prices for pork, eggs, fresh vegetables, and cereal and bakery products.
As inflation falls, ‘backwards pressure’ on food prices, analyst says
Compared to food price inflation of 11 percent in 2022, grocery price increases will be virtually nonexistent this year, said a Wells Fargo analyst Wednesday during a panel discussion on the 2024 outlook for the food and ag sector. A Rabobank analyst said that softer commodity prices would take the steam out of the hot farmland market.
Farm bill extension needed because of GOP extremism, says Scott
Pointing to "extremism and cynicism" among House Republicans, the Democratic leader on the House Agriculture Committee called for a one-year extension of current law to allow time to write a bipartisan farm bill. Meanwhile, House Agriculture chairman Glenn Thompson told a home-state newspaper to expect a farm bill vote in the House during December.
Food inflation rate slows to U.S. average
After outrunning the rest of the U.S. economy for 19 months, food price inflation has slowed to 3.7 percent, the same rate as the nation overall, said the Bureau of Labor Statistics on Thursday. Dairy prices fell 0.2 percent on an annualized basis while meat, fish, poultry, egg, fruit, and vegetable prices rose modestly.