World Perspectives

Food Price Improvements

USDA’s Economic Research Service issued its updated forecast for food-related inflation in 2024 and for the most part it involves good news. Year-to-date consumer food price inflation is below the 20-year historical average (2004-2023) and is likely to stay that way. Meat and poultry prices are stubborn, along with sugar and sweets plus vegetable oils, but egg prices have dropped the most significantly. One exception is fresh vegetable prices, which have been rising faster than last year. Producer price inflation began falling last year and continues to do so in 2024 except for livestock products and vegetables. Farm level egg prices have increased the most this year, followed by wholesale pork. Due to avian influenza, egg prices are...

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From WPI Consulting

Forecasting developments in production agriculture

On behalf of a private U.S. agricultural technology provider, WPI’s team generated an econometric model to forecast the movement of concentrated corn production north and west from the traditional U.S. Corn Belt. WPI’s model has subsequently provided quantitative support to a multi-million-dollar investment into short-season corn variety development. WPI’s methodology included a series of interviews with regional grain elevators and seed consultants. Emphasizing outreach and communication with stakeholders who possess intimate sectoral knowledge – on-the-ground insights – is a regular component of WPI’s methodologies, made possible by WPI’s ever-growing network of industry contacts.

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