Last week, WPI’s Dave Juday noted that while the all-items CPI inflation measure has fallen significantly from its June 2022 peak, other metrics show far more persistent inflation. The “core CPI” (which ignores energy and food inflation) that the Fed considers when making interest rate decisions was up 4.8 percent from the prior year. Food inflation remained historically high last month and was up 5.75 percent from June 2022. This article will take a deeper look at food inflation and explore other factors relevant to consumer behavior and the macroeconomic outlook.
Food Inflation and Sales One reason for the stubbornly high food inflation rate is high agricultural commodity prices as recent retreats in grain and...
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...
