Policy & Politics
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- Hirsch: What we do at this meeting matters
- Ohio needs more infrastructure, food processing to meet demand for local food
- Tips for entrepreneurs overheard at the Ohio Farm and Food Leadership Forum
- Catlett tells farmers to prepare for the golden age of agriculture
USDA Forecasts Lowest Food Price Increase Since 1992
USDA forecasts that the consumer price index for food will increase just 0.5 percent to 1 percent this year, the lowest rate since 1992. In last month’s forecast, USDA pegged the food price increase at 1.5 percent to 2 percent.
The lower food price inflation is attributed to a still moribund global economy. Because of the weak U.S. economy, higher commodity prices haven’t translated to higher food prices for consumers.
“The economy is weaker than what I thought in July,” said Ephraim Leibtag, the USDA economist responsible for the forecast. “Food companies are taking a wait-and-see attitude about passing along commodity costs.”