USDA released its monthly food inflation outlook this morning. First, it’s worth noting the relative weight that each category gets in contributing to the food consumer price index. Food at home is 55.1 percent of food purchasing; food away from home is 44.9 percent of purchases.
Retail food has been on a roller coaster over the past 19 months and food service demand is transitioning.
Food prices are being driven by a suite of factors, from commodity prices to supply chain shocks, to increased consumer expenditures which at the beginning of the pandemic no one expected to be so strong. Early in the pandemic, there were distribution and processing disruptions on the supply side (think produce, meat, poultry and dairy), then...
What You Need to Know Today: The hot, dry weather forecast continues to drive strength in grain futures with corn and soybeans hitting another day of strong gains. Monday’s Crop Progress and Conditions data were in line with market expectations and showed relatively few concerns for the...
Yesterday we wrote about the Q1 GDP numbers and the June employment reports in an article entitled Real GDP for Q1 Relying on AI Buildout, Held Back by Consumer Spending. That article mentioned that consumer spending had become a drag on GDP. Nonetheless, real GDP in Q1 was revised upward to 2...
