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Shining Light on Farm & Food Policy for 20 Years.
Wednesday, December 18, 2024
The cost of groceries jumped half a percent in November, driven by higher prices for eggs and beef, but supermarket prices have still risen just 1.6% over the past 12 months despite the spike last month.
The cost of groceries was flat in August as lower prices for vegetables, grains and baked goods helped offset price increases for beef, poultry, eggs and dairy products.
Legal experts and economists say it's hard to tell how a federal ban on price gouging in the food industry would work, warning that price controls such as those suggested by Vice President Kamala Harris could come with unintended consequences.
USDA is finalizing a study of retail food pricing even as Vice President Kamala Harris threatens to crack down on the industry for alleged price gouging.
While campaigning in Michigan Wednesday, GOP vice presidential candidate JD Vance talked up a couple of ways to lower food prices – firing the agriculture secretary and increasing oil and natural gas production. He seemed to get mixed up on who’s running USDA, however.
The cost of groceries rose 0.1% for the second month in a row in July, led by increases in the cost of beef, eggs, milk and fresh produce. Consumers continue to see significantly more inflation when they're eating out.
The UN Food and Agriculture Organization’s broad measure of global food commodity prices was unchanged in June, although vegetable oil prices rose 3.1%, driven in part by strong biofuel demand.
