Latest news with #foodinflation
The Herald
20 hours ago
- Business
- The Herald
Food inflation, notably price of beef, leads in pushing CPI upward: Stats SA
Stats SA announced on Wednesday that annual consumer price inflation was 3.0% in June, up from 2.8% in May. The consumer price index (CPI) showed an increase by 0.3% month-on-month in June, with food inflation experiencing specially pronounced rises. Patrick Kelly, chief director of price statistics at Stats SA, said among other categories of inflation, the annual inflation rate for food and non-alcoholic beverages recorded its highest levels in more than a year. 'After holding steady at 2.8% in April and May, consumer inflation edged higher to 3% in June. The month-on-month change in the CPI was 0.3%. The annual rate for food and non-alcoholic beverages reached a 15-month high of 5.1% in June. 'Meat, particularly beef, continues to be the main driver of food inflation. Beef prices spiked for a third successive month, with high annual and monthly increases recorded for stewing beef, mince and steak.' Conversely, Kelly said, fuel prices continued a downward trajectory and declined for a fourth consecutive month.
Bloomberg
2 days ago
- Business
- Bloomberg
UK Shoppers Face Extra £275 Grocery Bill on Higher Food Prices
By and Elliot Burrin Save UK food inflation nudged higher in the four weeks to mid-July as shoppers start to feel the burden of bigger grocery bills at the checkout. Higher prices are set to add £275 ($370) to consumers' annual grocery spend, with shoppers trying to adapt their behaviors to keep costs down, according to market research firm Worldpanel, formerly known as Kantar. Annual price growth rose to 5.2% in the period, compared with 4.7% a month earlier, the highest rate since January 2024.
CNN
3 days ago
- Business
- CNN
Beef prices are the new egg prices. They're soaring
First it was eggs, now it's beef. The last time Americans likely noticed spiking prices at the grocery store was when eggs reached record-highs. Since then, egg prices have fallen after the deadly avian flu outbreak was contained and producers built back supply. Now, beef prices are hitting records, rising almost 9% since January, according to the Department of Agriculture, and retailing for $9.26 a pound. June's consumer price index showed steak and ground beef prices are up 12.4% and 10.3%, respectively, over the last year. But lowering beef prices will be harder than lowering the price of eggs. 'Beef is way more complicated than eggs,' said Michael Swanson, chief agriculture economist at Wells Fargo. 'The cattle industry is still the 'Wild West' of the protein market, whereas the egg market is more 'Corporate America' with its supply and demand management.' Record-high beef prices have been a decade in the making due to shrinking herds, drought conditions and the rise of imported beef — all while demand stayed strong. Last month, Tyson Foods CEO Donnie King said during their earnings call that 'beef is experiencing the most challenging market conditions we've ever seen.' Cattle herd sizes are at their lowest levels in 74 years, according to the American Farm Bureau Federation (AFBF). Cattle ranching is not as profitable as it once was, and experts say many ranchers have given up. 'Even with these record high prices, margins for cattle farmers and ranchers are razor thin thanks to continued elevated supply costs,' wrote AFBF economist Bernt Nelson in a market intel report from May. One of those supply costs: feed. Sustained drought throughout large portions of US ranchland have dried out pastures, forcing ranchers to rely on more expensive feed for cattle instead of free-grazing grass, according to the AFBF. At the same time, Americans are looking for more options. Imported beef from countries like Argentina, Australia and Brazil now account for roughly 8% of US beef consumption, according to Swanson. At the same time, exports of beef have slowed — dropping 22% in May compared to the year before, according to the AFBF. 'It's a big change that we've seen this year that wasn't on anybody's playbook. Only a couple of years ago, we were net neutral, where we exported some and imported some,' said Swanson, adding that we'll 'continue to see more beef consumption in the United States being supplied by the world market, and they're happy to do it since we're the highest priced beef in the world.' But Americans continue to eat beef despite record prices, according to the AFBF, with overall US demand remaining strong. With prices so high, some retailers are finding creative ways to cut costs. Last month, Walmart opened its first-ever owned and operated beef facility. The new facility, located in Olathe, Kansas, allows Walmart to work directly with its suppliers, cutting out a middleman and saving on costs. 'This is the first case-ready facility fully owned and operated by Walmart, and that milestone ensures we're able to bring more consistency, more transparency and more value to our customers,' John Laney, executive vice president of food at Walmart, said in a news release. As to when beef prices may fall for everyone, Nelson says it will likely be up to the consumer. 'US consumer demand for meat historically has grown with improved household financial situations and then falls when incomes drop,' Nelson wrote. 'If consumer confidence falls alongside household financial uncertainty, demand for beef could be at risk, especially in the face of record high retail prices.' That would leave producers and ranchers even worse off. 'I say we're closing in on the peak of this current cycle. That's the real concern that this industry has — nobody wants to be caught holding the bag with higher-priced cattle when cattle prices start to decline, which they will inevitably,' said Swanson.
CTV News
4 days ago
- Business
- CTV News
Ottawa farmers markets busy as report finds increase in grocery prices
Produce on display at the Carp Farmers' Market on Saturday, July 19, 2025 (Josh Marano/CTV News Ottawa) Colleen Russel, a resident of Constance Bay in Ottawa, is bagging her groceries by the bushel at the Carp Farmers' Market on Saturday. Russell says the market has become a go-to spot for her groceries needs, as prices at the grocery store continue to rise. 'I'd much rather spend money locally than buy it at a grocery store,' Russell said. 'It's so expensive there now, there's not a deal to be had.' Canadian grocery giant Loblaw recently released its July Food Inflation Report, reporting food prices increased 2.8 per cent in June compared to last year. Beef (14.5%), soybean oil (17.4%) and coffee (19.2%) saw the biggest increases with tariffs being blamed for price hikes. Carp Farmers' Market Kathy Jones (left) and Colleen Russell (right) at the Carp Farmers' Market say they would rather spend money locally than at a grocery store. Saturday, July 19, 2025 (Josh Marano/ CTV News Ottawa) Sylvain Charlebois, director of the Agri-Food Analytics Lab at Dalhousie University, says the report is consistent with what consumers are seeing in the market. 'Counter tariffs are impacting some verticals like tea, coffee, alcohol, citrus… all of these products are being impacted by tariffs,' Charlebois said. 'The dollar is less of a factor to be honest. In December, we were expecting food inflation to be anywhere between three to five per cent. As we are now into July, we are expecting food inflation to end this year at around three per cent.' Charlebois adds the average Canadian spends roughly $311 a month on groceries, about the same amount as last year. 'People are very frugal, very careful, we were noticing that Canadians are actually visiting more stores over a month,' Charlebois said. 'Before COVID, the average Canadian was actually visiting a grocery store about 5.5 times a month. That number is up to 7.5 times a month now, which means that people are actually visiting other kinds of stores, even dollar stores, to save money.' While prices are up, Loblaw says fresh vegetable prices fell by 3.1 per cent and helped ease the cost pressure on grocery bills. Charlebois says cucumbers and onions saw the biggest price decrease.
Reuters
16-07-2025
- Business
- Reuters
Nigeria's inflation falls for third month in June
ABUJA, July 16 (Reuters) - Nigeria's headline inflation rate (NGCPIY=ECI), opens new tab fell for the third straight month in June, to 22.22% year-on-year from 22.97% in May, data from its statistics agency showed on Wednesday. Inflation in Africa's most populous country soared to repeated 28-year peaks last year, spurred by President Bola Tinubu's moves to end costly subsidies and devalue the country's naira currency after coming to power in 2023. It dropped sharply in January, when the statistics agency updated the base year for its calculations and reweighted the inflation basket, falling to 24.48% in annual terms from 34.80% in December. But its decline has since slowed. Food inflation (NGFINF=ECI), opens new tab stood at 21.97% year on year in June compared with 21.14% the month before. The central bank, which has kept its key lending rate unchanged at its last two policy meetings, has another rate-setting meeting next week.
