food prices
Grocery prices rise 11.9 percent in a year, worst increase since 1979
Led by meat, grocery prices are rising rapidly, up 11.9 percent in the past 12 months — even faster than the overall U.S. inflation rate of 8.6 percent, said the government in the Consumer Price Index report. "We're going to live with this inflation for a while," said President Biden over the weekend, despite administration efforts to reduce prices.
Global food prices ease for second month in a row
After reaching record highs for two months in row, the Food Price Index is marginally lower for the second consecutive month, said the UN Food and Agriculture Organization. The latest decline, in May, was led by lower prices for vegetable oils and dairy products.
Slow growth in organic food sales as pandemic fades
After surging nearly 13 percent during the eat-at-home early days of the pandemic, sales of organic food rose by less than 2 percent in 2021, as Americans abandoned pantry loading, said the Organic Trade Association on Thursday. Sales of organic food totaled $57.5 billion last year, a $1 billion increase from 2020.
Export bans worsen global food crisis, says research group
Despite the experience of food price spikes a decade ago, nations are compounding the disruptions of warfare in the Black Sea region by hoarding their domestic supplies, said the global research group CGIAR.
USDA raises food inflation forecast for fourth month in a row
Bird flu outbreaks are driving up egg and poultry meat prices far faster than usual, with eggs expected to cost 20 percent more and poultry 9 percent more this year than their 2021 averages, said the Agriculture Department on Wednesday.
Grocery prices up 10.8 percent even as overall inflation rate declines
Although the U.S. inflation rate slowed to 8.3 percent for the year ending in April, food continues to cost more and more, said the Labor Department on Wednesday. Grocery prices shot up 10.8 percent in the past year, driven by higher prices for such foods as bacon, up 17.7 percent, chicken, up 16.4 percent, and eggs, up 22.6 percent.
Biden encourages larger U.S. crops to feed world, blunt inflation
President Biden will announce three steps to encourage American farmers “to boost production, lower food prices, and feed the world” during a visit to a family farm in northern Illinois on Wednesday afternoon, said the White House. Action by the USDA would be a response to Russia’s invasion of Ukraine and to high inflation at home.
After record high, a marginal decline in global food prices
Sharply lower prices for palm, sunflower and soybean oils helped pull down the Food Price Index marginally from its record high that followed Russia's invasion of Ukraine, said the UN Food and Agriculture Organization. Grain prices also fell during April while meat, dairy and sugar prices rose.
What’s for dinner? Highest annual food inflation rate since Reagan era.
U.S. food prices will soar by an average of 6.8 percent this year, the highest annual rate since President Reagan's first year in office — and that's assuming price increases slow in coming months, said a University of Missouri think tank on Monday. Sky-high commodity prices are a factor, "but higher labor and energy costs and a range of other factors are much of the story," said the Food and Agricultural Policy Research Institute.
Biden plan: Boost U.S. food production to fill in for Ukraine
The Biden administration said it would put $500 million into farm supports, boosting U.S. wheat production by up to 18 percent and expanding production of food grains and edible oils in an effort to fill the gap created by warfare in Ukraine.“ This funding is going to help ease rising food prices at home as well as abroad caused by Russia’s war in Ukraine,” said President Biden on Thursday.
Despite inflation, taste matters more than price to food shoppers, says report
Americans say they are spending an additional $15 a week on food but that inflation is less important to them at the grocery store than buying good-tasting food, according to a survey by Purdue University. “At present, consumer food demand is price insensitive,” said the Consumer Food Insights report.
War drives UN food index to highest level ever
The UN index of food prices, already at a record high, rose by 12.5 percent in reaction to Russia's invasion of Ukraine, with world wheat prices soaring nearly 20 percent, said the Food and Agriculture Organization. Wheat prices were so high, said USDA analysts in a separate report, that consumers in sub-Saharan Africa may find it cheaper to eat rice, ordinarily the more expensive staple grain.
USDA says food inflation rate to soar, highest since 2008
Prices for common elements of the U.S. diet, from poultry and dairy to fruits and vegetables, are rising at double or triple their usual rate, said the government in forecasting the highest annual food inflation rate in 14 years. The Agriculture Department said food prices would rise an average of 5 percent this year, an abrupt two-point increase from its forecast a month ago.
Think tank sees highest annual food inflation rate in 14 years
U.S. food prices will rise by at least 4.2 percent this year, propelled by high energy and commodity prices, said a University of Missouri think tank on Wednesday. The group’s director said the actual figure could be higher still.
War in Ukraine could drive up global hunger by 2 percent in a year
Up to 13 million people around the world could be pushed into hunger because of the spike in food prices and disruptions in supplies that result from Russia’s invasion of Ukraine, said the UN Food and Agriculture Organization on Wednesday. The global hunger rate of 9.9 percent was already the highest in 13 years, due to the pandemic.
After months of climbing, food inflation reaches 6.3 percent
Meat prices fell in the final weeks of 2021, but food inflation climbed again, to an annual rate of 6.3 percent, said the Labor Department on Wednesday. The overall U.S. inflation rate of 7 percent for the past 12 months was the highest since June 1982.
With eye on Ukraine, G7 ag ministers warn nations to avoid food hoarding and profiteering
To mitigate the impact of war in Ukraine on global food supplies, the G7's agriculture ministers called on all nations to keep their trade channels open and to guard against unjustified limits on exports. "We will not tolerate artificially inflated prices that could diminish the availability of food and agricultural products," said the ministers in a statement after a special meeting convened via the internet.
Food prices rise at fastest pace in 41 years
The food inflation rate is up for the ninth month in a row and now matches the U.S. inflation rate of 7.9 percent a year, with double-digit increases in the price of meat, milk, and fresh fruit, said the government on Thursday. Prices for groceries rose even faster, 8.6 percent, than the overall food index, which includes food sold at restaurants, fast-food outlets, and company cafeterias.