'The price of household staples like eggs, butter, and milk are still up substantially over the past year. The latest CPI report indicated that egg prices rose just under 60% year-over-year and 11.1% month-over-month, largely due to an outbreak of avian flu. Butter prices, meanwhile, rose by 35.3% annually while milk prices rose by 12.5%.
These higher costs not only weigh on consumers — they also affect dairy producers and companies like Tillamook, an Oregon-based dairy co-op that relies on obtaining dairy products at an affordable price. (The price of ice cream, which is made with products such as milk and eggs, rose by 15% annually in the latest CPI print.)
“It’s also important to remember what the current economic conditions are, the impact they’re having on the nation’s farmers,” Criteser said. “Input costs at the farm level are up substantially."
According to the Purdue University/CME Group Ag Economy Barometer from November 2022, 42% of farmers cited high input costs as their top concern for 2023..'
-
U.S. dairy producers feel pinch from inflation, severe weather, January 21, 2023
ContextJust one G-7 leader will join the Davos elite this year as regular people battle cost-of-living crisis, January 13, 2023
'..inflationary forces have been unleashed..'