Macroeconomics Food Prices Drop Sharply in July, Down Nearly 4 Percent The average cost of food in July was down year-on-year by 3.7 percent with pork prices continuing to fall and the cost increases for other items like edible oil slowing. Last month also saw the largest decrease in the average price for food on an annualized basis since September 2017. The average cost of pork fell by 4.5 percent in July, while the average price for fresh vegetables was down by 4 percent. Meanwhile, cooking oil, dairy products, and egg prices were up by 7.2 percent, 2 percent, and 15.6 percent, respectively. However, these upticks were below the increases in June. In contrast, fresh fruit prices rose by 5.2 percent in July compared to 3.1 percent in Jun...
What You Need to Know Today: Russia rejected calls for a ceasefire in the Black Sea, including a proposal to halt attacks on civilian shipping that could help restore grain flows from Ukrainian ports. Tyson Foods announced plans to permanently close its Joslin, Illinois, beef processing facili...
The big news in the cattle markets yesterday was Tyson Foods’ move to close two more beef plants. One of them, the Joslin, Illinois, plant was shuttered immediately after the announcement. The other, in Eagle Mountain, Utah, is a case-ready plant that does not slaughter cattle. Tyson also...
The Bureau of Labor Statistics (BLS) released the Consumer Price Index (CPI) on Wednesday. In July, the CPI rose 0.1 percent, seasonally adjusted, and rose 3.4 percent over the last 12 months, not seasonally adjusted. The index for all items less food and energy, or the “core” infla...
From WPI Consulting
Weighing in on strategic realignment
WPI’s team was retained by the governing board of a U.S. industry organization to review a decision, reached by vote, to invest significant assets into the development and management of an export trading company. WPI’s team conducted a formal review of this decision and concluded that the current level of market saturation would limit the benefits of the investment. Based on WPI’s analysis and recommended actions, the board subsequently reversed its decision and undertook a strategic planning effort to identify more impactful investments. On behalf of numerous clients, WPI has not only assisted in identifying strategic paths but also advised their implementation.