Macroeconomics Food Inflation Continues to Bite, Up 7 Percent in October The average cost of food in October was up year-on-year for the seventh consecutive month. With an uptick of 7 percent, food prices slowed their climb compared to September when they rose by 8 percent on an annualized basis. The rebound in pork prices in October helped drive the overall increase as they surged ahead by 51.8 percent compared to a year ago. Meanwhile, prices for fresh fruit, eggs, milk, and cooking oils were up by 12.6 percent, 11.8 percent, 1.1 percent, and 8.4 percent. The only reprieve of note happened with fresh vegetables, which saw their average prices fall by 8.1 percent compared to October 2021. Apart from food costs, the inflation...
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
Infrastructure investment due diligence
On behalf of a Canadian oilseed processer WPI's team provided market analysis, econometric modeling and financial due diligence in support of a $24 million-dollar investment in a Ukrainian crush plant. Consistent with WPI's findings, local production to supply the plant and the facility's output have expanded exponentially since the investment. WPI has conducted parallel work on behalf of U.S., South American and European clients, both private and public, in the agri-food space.