Oklahoma Farm Report masthead graphic with wheat on the left and cattle on the right.
Howdy Neighbors!
Ron Hays, Director of Farm and Ranch Programming, Radio Oklahoma Ag Network  |  2401 Exchange Ave, Suite F, Oklahoma City, Ok 73108  |  (405) 601-9211

advertisements
   
   
   
   
   
   
   
   

Agricultural News


Food Prices Rising At Slower Rate Than Expected

Mon, 19 Aug 2013 16:29:48 CDT

Food Prices Rising At Slower Rate Than Expected
The USDA has reduced its forecast for food price inflation this year to one and a half to two percent. USDA economist Rick Volpe says a number of factors are contributing to the less-than-expected increase.


We were initially looking at three to four percent increase, which was above average. That was before we knew that we were going to have these lower fuel prices, and the strengthening U-S dollar, the overall improvement in the economy. We are still looking at some food prices that are going to go up a little bit more than average and some that will go up less than average. But on the whole we are looking at moderate food price inflation for the year, which is good news especially given the initial outlook we had when the drought broke in July and August of 2012.


Volpe says one of the biggest bits of good news for consumers is the downward revision of price increases for dairy products.


We were initially forecasting pretty strong price increases for the year 2013. But it turns out we saw most of the impacts of the drought at the tail end of 2012. So were now on track for very moderate price increases for dairy for the foreseeable future. One to two percent in 2013.


And, although beef prices wont be increasing as much as expected, beef will remain expensive this year.


Were now looking at beef prices to increase between two and three percent on the year. But I should note that many beef prices have reached record or near record levels across supermarkets in the U.S. So inflation for the beef category may be small in percentage terms, but its not as if consumers are seeing any relief there.


Among food prices that will still see high inflation, Volpe says poultry will be going up three to four percent and eggs will be going up two to three percent if not more.



   





 

WebReadyTM Powered by WireReady® NSI

 


Top Agricultural News

  • Latest Road to Rural Prosperity Features Jed Green, the Founder of the Group Oklahomans for Responsible Cannabis Action  Sat, 23 Oct 2021 18:50:06 CDT
  • Oklahoma Grain Elevator Cash Bids as of 2 p.m. Friday, October 22, 2021  Fri, 22 Oct 2021 15:19:14 CDT
  • Friday, October 22, 2021, Market Wrap-Up with Justin Lewis  Fri, 22 Oct 2021 15:15:18 CDT
  • Labor Shortages are the Root Cause of Stagnant Cattle Prices Says Justin Benavidez  Fri, 22 Oct 2021 13:14:24 CDT
  • OSU Inks Head Football Coach Mike Gundy to New Contract  Fri, 22 Oct 2021 13:11:06 CDT
  • Dairy Management Inc. 2020 Annual Report Available Online  Fri, 22 Oct 2021 12:40:03 CDT
  • Sign Up Now for the 2022 National Farmers Union Women's Conference  Fri, 22 Oct 2021 12:33:48 CDT
  • OSU Agriculture Honors Distinguished Group During Ceremony  Fri, 22 Oct 2021 11:54:25 CDT

  • More Headlines...

       

    Ron salutes our daily email sponsors!

    Oklahoma Beef council Oklahoma Ag Credit Oklahoma Farm Bureau National Livestock Credit Ag Mediation Program P&K Equipment Tulsa Farm Show Union Mutual Stillwater Milling Oklahoma Cattlemen's Association KIS FUTURES, INC.

       
       

    Search OklahomaFarmReport.com

    © 2008-2021 Oklahoma Farm Report
    Email Ron   |   Newsletter Signup   |    Current Spots   |    Program Links

    WebReady powered by WireReady® Inc.