WASHINGTON (RFD-TV) – Consumer prices rose faster than expected in August, with the Consumer Price Index (CPI) increasing 0.4 percent on a seasonally adjusted basis, the U.S. Bureau of Labor Statistics reported Thursday. That brought annual inflation to 2.9 percent, up from July’s 2.6 percent.
Food and shelter were the biggest drivers. Grocery prices jumped 0.6 percent last month, while restaurant meals rose 0.3 percent, pushing food inflation to 3.2 percent over the year. Housing costs climbed 0.4 percent in August and are now up 3.6 percent compared with a year ago.
Energy prices rose 0.7 percent, led by gasoline, though natural gas costs fell. Core inflation, which strips out food and energy, increased 0.3 percent in August and 3.1 percent year-over-year.
The report also showed increases in airline fares, used cars, and apparel, while medical care and recreation costs edged lower.
The USDA’s annual report leaves dairy producers with a mixed picture. Output and herd size expanded, but weaker prices kept income from rising with production.
DOJ and USDA investigate beef industry concentration, with Big Four packers under scrutiny and a major settlement announcement expected later this week.
Farmers still earn only a small share of consumer food spending, even as post-farm costs continue to take most of the dollar.
Kansas Congressman Derek Schmidt joins us to discuss House passage of the Farm Bill, its potential impact on farm profitability and stability, key policy compromises, and the outlook for Senate consideration.
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