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.
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.
Retail pork prices soared last year, part of an overall 11.4 percent increase in grocery prices, but they will decline this year by 1.1 percent, said USDA's monthly Food Price Outlook on Monday. The report forecast a grocery inflation rate of 5.1 percent this year and a below-normal 1.6 percent in the new year.
While price is the key concern for grocery shoppers at the meat case, a Purdue survey indicates that consumers are more willing to accept higher pork prices if they are the result of meeting animal welfare standards such as California’s Proposition 12, which requires farmers to give breeding sows more room to stand up, lie down, and turn around.
Although the U.S. inflation rate is up for the second month in a row, the annualized food inflation rate of 4.3 percent is the lowest since the 3.7 percent rate in August 2021, said the Bureau of Labor Statistics on Wednesday. The food inflation rate has fallen each month since peaking at 11.4 percent in August 2022.
The monthly Food Price Index, which measures international prices for a basket of food commodities, fell for the seventh time this year despite a nearly 10 percent surge in rice prices, said the UN Food and Agriculture Organization. Rice prices are at a 15-year high because of India's decision to restrict exports of non-basmati white rice.
The U.S. food inflation rate, on the decline since last fall, has fallen to 4.9 percent, aided by the second month in a row of modestly lower prices for meat, poultry, fish, and eggs, said the government on Thursday. It was the lowest food inflation rate since September 2021.
Led by lower meat, poultry, fish, and egg prices, the food inflation rate fell to 5.7 percent in June, the lowest annualized figure since October 2021, said the Labor Department on Wednesday.
Chicken breasts and pork chops cost less at the supermarket than a year ago, and that will slightly bring down the price of a summer cookout, said the largest U.S. farm group on Tuesday. Still, the price tag for the groceries needed to feed 10 people lemonade, ice cream, burgers, potato salad, and other cookout fare would be the second-highest in the 11 years of the unofficial survey conducted ahead of Independence Day.
For the third month in a row, the USDA lowered its forecast of grocery price inflation this year. The monthly Food Price Outlook estimated that grocery prices would rise by an average of 6.3 percent this year, compared to 11.4 percent in 2022.
On earnings calls last week, major food brands bragged about their ability to keep raising prices. Soda and snack giant PepsiCo told investors that it raised prices 16 percent last quarter, bringing in 18 percent more profit. Nestle announced a 10 percent price hike and Unilever said its food brands cost 13 percent more. In all these cases, higher prices helped food giants increase profits even as their sales decreased. (No paywall)
Egg prices fell nearly 11 percent during March, contributing to the first decline — 0.3 percent for the month — in grocery price inflation since September 2020, said the Labor Department on Wednesday. The overall food inflation rate, which includes restaurant meals, takeout food, and school cafeterias, was down for the seventh month in a row.
Grocery prices will rise 7.8 percent this year, three times the usual pace for food inflation albeit slower than in 2022, said USDA economists in the monthly Food Price Outlook.
The commonly used estimates of global wheat stocks are imperfect — some countries don’t publish data at all — but they indicate supplies, disrupted by the war in Ukraine, are the tightest since the food price crisis of 2007/08, said a blog by the IFPRI think tank.
The U.S. food inflation rate fell for the fifth month in a row to 10.1 percent for the past year, said the Labor Department on Tuesday. Food, the second-largest consumer expenditure after housing, was a factor in the persistently high U.S. inflation rate. USDA analysts estimate food prices will rise by 7.1 percent this year, the highest in three decades although a slowdown from 2022.
The Russian invasion of Ukraine fueled a sharp rise in food prices last winter, but prices have fallen for 10 straight months, said the UN Food and Agriculture Organization.
The 9.9 percent food inflation rate of 2022 will be followed by a 7.1 percent rate this year, the highest rates in three decades, said USDA economists on Wednesday. Egg prices were forecast to rise 27 percent this year, on top of a 32 percent increase in 2022.
Economic growth and inflation will slow in the coming months, but commodity prices are likely to be volatile as the world’s farmers try to catch up with the global appetite for food, said two leading agricultural economists on Wednesday. “I think that 2023 still looks pretty strong” for U.S. farm income, said Nathan Kaufman, the Kansas City Federal Reserve Bank’s principal expert on agriculture economics.
The Russian invasion of Ukraine drove food prices to record levels during 2022 and the Food Price Index remains elevated after a nine-month decline, said the UN Food and Agriculture Organization.