Macroeconomics Food Costs in September Surge Upward by Nearly 9 Percent With the 20th Party Congress concluded, China’s economic data through Q3 are making their way into the public domain. Courtesy of a resurgence in live pig and pork prices last month, food prices, on aggregate, jumped by 8.8 percent from a year ago, the largest spike since August 2020. The average cost of pork rose by 36 percent year-on-year, while fresh fruit and vegetables saw upticks of 17.8 percent and 12.1 percent, respectively. Other notable increases pertained to eggs, up 7.3 percent, milk up 1.1 percent, and cooking oil up 8.3 percent. Meanwhile, the overall inflation rate went from 2.5 percent in August to 2.8 percent in September, as non-food items saw...
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...
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