We use cookies to provide you with a better experience. By continuing to browse the site you are agreeing to our use of cookies in accordance with our Privacy Terms and Cookie Policy
Balanced Reporting. Trusted Insights.
Thursday, March 30, 2023
Supermarket prices rose another 0.3% last month, driven in part by jumps in the cost of beef and pork, but food inflation continues to ease from the spikes shoppers saw in 2022, the Bureau of Labor Statistics reports.
The Agriculture Department reduced its fiscal 2023 forecast for U.S. ag exports to $190 billion, a $3.5 billion drop from the agency’s last estimate in August, largely reflecting weaker expectations for soybean sales.
Supermarket prices rose another 0.7% last month, driven by continued increases in nearly every category in the store, and food costs are now up 13% over the past year.
Lawmakers are signaling they may be ready to boost funding for ag promotion overseas, and farm groups are hungry for the dollars that they say increase foreigners' appetite for U.S.-grown food.
New figures from the U.S. Meat Export Federation show July beef exports topped $1 billion for the sixth time in 2022 en route to the fifth-largest month on record for volume, continuing the trend of solid export figures throughout the year.
The Biden administration is pouring $2.8 billion, far more than originally planned, into a series of pilot projects aimed at developing markets for climate-smart commodities in every state and across a wide range of commodities and farm types. Another $700 million for smaller projects will be awarded later.
