Food Price Watch Thread

weatheriscool
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Inflation rises by the most since 1981 as CPI jumps 8.5% in March

Emily McCormick · Reporter
Tue, April 12, 2022, 8:32 AM · 2 min read
U.S. consumer price increases quickened in March, underscoring ongoing inflationary pressures as supply chain disruptions and shortages lingered across the economy.

The Bureau of Labor Statistics' (BLS) Consumer Price Index (CPI) rose 8.5% in March compared to the same month last year, according to the latest report released Tuesday. That marked the fastest rise since December 1981. This followed a 7.9% annual increase in February. Heading into the report, consensus economists were looking for an 8.4% jump for March, according to Bloomberg data.

On a month-over-month basis, prices rose 1.2% in March following a 0.8% monthly rise in February.

Some of the biggest contributors to the latest increase in inflation were food, shelter and gasoline, according to the BLS. In fact, the index tracking gas prices rose 18.3% in March, comprising more than half of the total monthly increase in CPI. ... But even excluding more volatile food and energy prices, the CPI also posted a marked move higher in March. The core CPI jumped 6.5% in March over last year, accelerating from a 6.4% increase in February.
{snip}

Read more: https://finance.yahoo.com/news/consumer ... 02319.html
weatheriscool
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Producer prices rose 11.2% from a year ago in March, the biggest gain on record

PUBLISHED WED, APR 13 2022 8:32 AM EDT * UPDATED 1 MIN AGO

Jeff Cox
@JEFF.COX.7528
https://facebook.com/jeff.cox.7528

@JEFFCOXCNBCCOM
https://twitter.com/JeffCoxCNBCcom[quote]

The prices that goods and services producers receive rose in March at the fastest pace since records have been kept, the Bureau of Labor Statistics reported Wednesday.

The producer price index, which measures the prices paid by wholesalers, increased 11.2% from a year ago, the most in a data series going back to November 2010. On a monthly basis, the gauge increased 1.4%, above the 1.1% Dow Jones estimate.

Stripping out food, energy and trade services, so-called core PPI rose 0.9% on a monthly basis, nearly double the 0.5% estimate and the biggest monthly gain since January 2021. Core PPI increased 7% on a year-over-year basis.

PPI is considered a forward-looking inflation measure as it tracks prices in the pipeline for goods and services that eventually reach consumers. ... Wednesday's release comes the day after the BLS reported that the consumer price index for March surged 8.5% over the past year, above expectations and the highest reading since December 1981.[/quote]


Read more: https://www.cnbc.com/2022/04/13/produce ... 2022-.html
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caltrek
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Re: Food Price Watch Thread

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^^^Interesting approach to include a Facebook, Twitter and CNBC link.
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Re: Food Price Watch Thread

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Ukraine war to cause biggest price shock in 50 years - World Bank

By Jonathan Josephs
50 minutes ago

The war in Ukraine is set to cause the "largest commodity shock" since the 1970s, the World Bank has warned.

In a new forecast, it said disruption caused by the conflict would contribute to huge price rises for goods ranging from natural gas to wheat and cotton.

The increase in prices "is starting to have very large economic and humanitarian effects", Peter Nagle, a co-author of the report, told the BBC.

He said "households across the world are feeling the cost of living crisis".

"We're particularly worried about the poorest households since they spend a larger share of income on food and energy, so they're particularly vulnerable to this price spike," the senior economist at the World Bank added.

https://www.bbc.co.uk/news/business-61235528
weatheriscool
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Corn and Soybeans Near Record Prices, Push Food Costs Higher

Ukraine war, drought in South America and biofuel demand pressure supplies of the crops

By Ryan Dezember
Corn and soybeans prices have risen nearly to records, signaling higher food inflation to come.

Global food prices had already reached records when Russia invaded Ukraine in late February and jeopardized big slices of the world’s grain and oilseed supplies. Poor harvests in South America, inclement planting weather in the U.S. and rising biofuel demand threaten to stretch inventories even thinner and push prices higher.
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Read more: https://www.wsj.com/articles/corn-and-s ... 1651092056
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SerethiaFalcon
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Re: Food Price Watch Thread

Post by SerethiaFalcon »

I know this is more about worldwide food supply, but I just had a random thought about if food prices were to rise significantly in the US. Tonight, I was just reading an article from the Atlantic about how the drug scene has changed in the US. We have been so focused on the opioid crisis, and then the pandemic, while completely ignoring the fact that we have definitely now entered a very dangerous age worldwide and in the US as well of synthetic drugs. While these aren't new, the methods being employed are new, and the effects are becoming quite bad. Meth especially has shifted from plant-based to synthetic based, and it has been perfected in production to such a degree that much more is produced with a much more powerful effect. A lot of the homelessness problems in the US today are caused by this new form of Meth. Effects of the old Meth used to take years and appear as more of a decaying effect, now it escalates very quickly so that by a year, people in their thirties and forties are experiencing psychosis and schizophrenic symptoms for the first time. These are not due to normal mental health problems but due to the effects of this new kind of Meth on the brain. It also doesn't kill people fast, but it does deteriorate their condition faster, so that they are in a really bad state of mind, having paranoia, conspiracies, violent disruptive thoughts, etc. So, if the food prices do rise, and since this condition has no effective treatment and is quite challenging for getting people out of, I expect the situation will only become direr, not only in the US, but I suspect in other places too. Anyway, here is the article. Quite fascinating and terrifying at the same time. I mean, a sizable portion of the US is quite literally going mad, no joke. https://www.theatlantic.com/magazine/ar ... th/620174/
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caltrek
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World Hunger Doubled in the Five Years Before Ukraine's Breadbasket Was Hit by War
by Layla Maghribi

https://www.thenationalnews.com/world/u ... it-by-war/

Introduction:
(The National) Conflict, climate change and Covid-19 have pushed the number of people facing severe food insecurity to “devastating” highs, a UN study has shown.

The Global Network Against Food Crises said in its annual report that the number of people facing acute food insecurity and requiring urgent, life-saving assistance had risen to 193 million in 2021, nearly double the number in 2016 when the agency first began tracking it.

The latest figures represent an increase of nearly 25 per cent — 38 million people — in the past 12 months, compared with the already record numbers of 2020.

“The outlook moving forward is not good. If more is not done to support rural communities, the scale of the devastation in terms of hunger and lost livelihoods will be appalling,” warns the report.

Launched at a virtual roundtable on Wednesday, contributors to the multi-agency study said that the war in Ukraine and its knock-on effects indicated that, without intervention, the worst is still to come.
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caltrek
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Heatwave Hitting India and Pakistan Devastates Crops
by Hannah Ellis-Petersen and Shah Meer Baloch
May 4, 2022

https://www.motherjones.com/environment ... -pakistan/

Extract:
(Mother Jones) For the past few weeks, Nazeer Ahmed has been living in one of the hottest places on Earth. As a brutal heatwave has swept across India and Pakistan, his home in Turbat, in Pakistan’s Balochistan region, has been suffering through weeks of temperatures that have repeatedly hit almost 50C (122F), unprecedented for this time of year.

The heatwave has already had a devastating impact on crops, including wheat and various fruits and vegetables. In India, the yield from wheat crops has dropped by up to 50 percent in some of the areas worst hit by the extreme temperatures, worsening fears of global shortages following Russia’s invasion of Ukraine, which has already had a devastating impact on supplies.

In Balochistan’s Mastung district, known for its apple and peach orchards, the harvests have been decimated. Haji Ghulam Sarwar Shahwani, a farmer, watched in anguish as his apple trees blossomed more than a month early, and then despair as the blossom sizzled and then died in the unseasonal dry heat, almost killing off his entire crop. Farmers in the area also spoke of a “drastic” impact on their wheat crops, while the area has also recently been subjected to 18-hour power cuts.

“This is the first time the weather has wreaked such havoc on our crops in this area,” Shahwani said. “We don’t know what to do and there is no government help. The cultivation has decreased; now very few fruits grow. Farmers have lost billions because of this weather. We are suffering and we can’t afford it.”
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CPI for all items rises 0.3% in April; shelter, food, airfare indexes rise


CONSUMER PRICE INDEX - APRIL 2022

The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.3 percent in April on a
seasonally adjusted basis after rising 1.2 percent in March, the U.S. Bureau of Labor Statistics
reported today. Over the last 12 months, the all items index increased 8.3 percent before
seasonal adjustment.

Increases in the indexes for shelter, food, airline fares, and new vehicles were the largest
contributors to the seasonally adjusted all items increase. The food index rose 0.9 percent over
the month as the food at home index rose 1.0 percent. The energy index declined in April after
rising in recent months. The index for gasoline fell 6.1 percent over the month, offsetting
increases in the indexes for natural gas and electricity.

The index for all items less food and energy rose 0.6 percent in April following a 0.3-percent
advance in March. Along with indexes for shelter, airline fares, and new vehicles, the indexes
for medical care, recreation, and household furnishings and operations all increased in April.
The indexes for apparel, communication, and used cars and trucks all declined over the month.

The all items index increased 8.3 percent for the 12 months ending April, a smaller increase
than the 8.5-percent figure for the period ending in March. The all items less food and energy
index rose 6.2 percent over the last 12 months. The energy index rose 30.3 percent over the last
year, and the food index increased 9.4 percent, the largest 12-month increase since the period
ending April 1981.
{snip}

Read more: https://www.bls.gov/news.release/cpi.nr0.htm
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funkervogt
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Post by funkervogt »

India's government has banned the export of wheat due to fears of supply shortages. If the Ukraine War continues, I predict a global food shortage this winter of the sort we haven't seen in our lifetimes.

https://www.theguardian.com/world/2022/ ... urity-risk
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