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U.S. FOOD PRICES CLIMB MOST SINCE 1979
Aug. 12, 2022
by Keith Good, University of Illinois' FarmDoc project
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.
"The price index for all consumer goods and services was unchanged over the month. And the annual rate of inflation in July edged down to 8.5% from 9.1% in June, according to the Bureau of Labor Statistics in a report issued Wednesday.
"The June inflation figure, the highest since November 1981, is now looking like it may have been the peak of the price surge that began in spring 2021."
Mr. Lee noted that, "The war in Ukraine continues to put pressure on global grain supplies and prices, and an outbreak of avian flu has hit poultry products and eggs."
And yesterday, Bloomberg writer Molly Smith reported that, "Food prices in the US soared in July, keeping the cost of living painfully high even as lower gasoline costs offered some relief to consumers.
To read the entire report click here.
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