While annual inflation moderated in the U.S. in April, up 8.3 percent versus March’s 8.5 percent, the price of food soared last month, according to the Consumer Price Index compiled by the Bureau of Labor Statistics, reports The New York Times.
Food prices last month were up 9.4 percent from this time last year. Dairy, eggs, and cereal prices saw large increases, likely due to the bird flu outbreak in the Midwest, fuel and fertilizer increased costs, labor shortages, and other factors, according to the report. Dairy is up 2.5 percent and eggs are up 10.3 percent. From March, the price of food rose 0.9 percent, which marks the 17th consecutive monthly increase.
In a note of optimism, fruit and vegetable prices declined from last month, and the overall pace of grocery price increases seems to be tapering off: rising 1 percent after last month’s 1.5 percent jump.
On Wednesday, President Biden commended farmers for their efforts to feed the world despite disruptions in global supplies of crops. “You got us through a pandemic and you’re literally the backbone of our country,” President Biden said, speaking after touring a farm in Illinois. “That’s not hyperbole. But you’re also feeding the world. And we’re seeing with Putin’s war in Ukraine, you’re like the backbone of freedom.”
Biden has announced steps to keep food prices lower, insurance options for farmers who plant a second crop on their land, increased investments in domestic fertilizer production, and measures to give farmers access to technology that will allow them to reduce fertilizer and resource needs.
The blame for price increases ranges from the pandemic, supply chain disruptions, and the war in Ukraine, among others. Full Story
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