Ground beef prices across the U.S. continue to reach new highs, driven by shrinking cattle herds, with looming import restrictions threatening to push costs even higher. The average price of a pound of 100% ground beef rose to $6.12 last month, up from $5.98 in May.
Reuters writer Mark Weinraub reported yesterday that, “U.S. corn and soybean harvests will be smaller than previously forecast, with hot and dry weather during critical parts of the growing season dragging on yields, the government said on Thursday.”
Reuters News reported yesterday that, “The government said on Wednesday that U.S. farmers will harvest massive crops of both corn and soybeans this year, boosting the supply base despite drought conditions stressing plants during early stages of development.”
Gabriel T. Rubin reported on the front page of today’s Wall Street Journal that, “Inflation edged slightly lower in April, likely keeping the Federal Reserve on course to pause interest-rate increases at its next meeting.”
Gwynn Guilford and Nick Timiraos reported on the front page of today’s Wall Street Journal that, “U.S. inflation eased in March to its lowest level in nearly two years, but underlying price pressures likely keep the door open for the Federal Reserve to consider another interest-rate increase at its May meeting.”
Gabriel T. Rubin and Nick Timiraos reported on the front page of Wednesday’s Wall Street Journal that, “Inflation eased in February but remained stubbornly high, presenting a challenge for the Federal Reserve as it confronts how to slow the economy with higher interest rates at the same time it moves to stem banking problems.”
Wall Street Journal writer Gwynn Guilford reported on the front page of today’s Wall Street Journal that, “Still-elevated inflation cooled slightly at the start of 2023 to 6.4% in January from a year earlier, with energy, housing, food and other items keeping some pressure on prices.”
Dow Jones writer Yusuf Khan reported yesterday that, “Ukraine remains key this week for grain and oilseed markets, after Russia launched more missile attacks on the country’s infrastructure.”
Financial Times writers Colby Smith and Kate Duguid reported yesterday that, “Annual US inflation fell in December to its lowest level in more than a year, in a further sign that price pressures have peaked amid the Federal Reserve’s historic campaign to tighten monetary policy.”
Jeanna Smialek reported on the front page of today’s New York Times that, “Inflation slowed more sharply than expected in November, an encouraging sign for both Federal Reserve officials and consumers that 18 months of rapid and unrelenting price increases are beginning to meaningfully abate.”
New York Times writer Ana Swanson reported yesterday that, “Food prices continued to grow in October, inflating grocery bills for American households, though at a slightly slower pace than in previous months. The price of food rose 0.6 percent last month, down from 0.8 percent growth in September.”
Don Lee reported on the front page of today’s Los Angeles Times that, “That turkey you’re planning for the big family get-together is going to give you a nasty peck on the pocketbook. So will the flour for the gravy and the butter for the rolls.”
Jeanna Smialek reported on the front page of today’s New York Times that, “Price increases remained uncomfortably rapid in August as a broad array of goods and services became more expensive even as gas prices fell, evidence that the sustainable inflation slowdown the Federal Reserve and White House have been hoping for remains elusive.”
Earlier this week, the Food and Agricultural Policy Research Institute (FAPRI) at the University of Missouri released its latest baseline update for U.S. agricultural markets.
Don Lee reported on the front page of today’s Los Angeles Times that, “After months of steadily climbing to a 40-year high, the pace of inflation slowed notably in July as gas prices fell sharply and Americans got relief on the cost of clothing, used cars and some other necessities.”
Rachel Siegel reported on the front page of today’s Washington Post that, “Inflation soared in June, continuing to climb at the fastest pace in 40 years across many sectors of the economy, driven in large part by higher energy prices.”
Washington Post writer Rachel Siegel reported on the front page of Saturday’s paper that, “Inflation in May reached a new pandemic-era peak of 8.6 percent compared with a year earlier, with soaring energy, housing and food prices driving up costs at the fastest pace in 40 years.”
Bloomberg writers Megan Durisin, Kim Chipman, Jen Skerritt, and James Poole reported today that, “As Russia’s invasion chokes off Ukrainian wheat exports, pushing up bread and noodle prices, the global harvest faces an added test: extreme weather.”
DTN writer Russ Quinn reported yesterday that, “Retail fertilizer prices continue to march higher and higher, according to locations tracked by DTN for the first week of April 2022. All fertilizers were higher once again compared to last month.”
Gabriel T. Rubin reported on the front page of Friday’s Wall Street Journal that, “Rising energy, food and services prices pushed already elevated U.S. inflation to a 7.9% annual rate last month—another four-decade high—with oil and commodity market disruptions from the Ukraine crisis expected to add more cost pressures.”