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Retailers Say New Biofuel Levels Will Drive Up Food Prices
The National Retail Federation today said biodiesel levels set by the Environmental Protection Agency for this year are too high and will drive up inflation for already high food prices, especially processed foods that rely on food oils from crops like soybeans.
“For more than a year, we’ve alerted the EPA and the administration about the shortage of food oils, which is causing significant disruptions throughout the supply chain and raising food costs for consumers,” said David French, NRF’s senior vice president for government relations and executive director of...
U.S. Ports Set New Record for Imports
Imports at the nation’s major retail container ports set a new record this spring and are expected to see near-record volume this month as retailers bring in merchandise ahead of rising costs and further supply chain issues, according to the monthly Global Port Tracker report released today by the National Retail Federation and Hackett Associates.
“Retailers are importing record amounts of merchandise to meet consumer demand, but they also have an incentive to stock up before inflation can drive costs higher,” NRF Vice President for Supply Chain and Customs Policy Jonathan Gold...
Bojangles to Give Away $1 Million in Free Gas
Bojangles, the legendary Southern food chain known for its chicken, biscuits and tea, is giving away $1 million in free gas to help customers offset the rising cost of fueling up their tanks.
Beginning today until supplies run out, every purchase of a Bojangles Family Meal – featuring 12 or 20 pieces of bone-in chicken, plus scratch-made biscuits, choice of home-style fixins and Legendary Iced Tea® – will come with a $10 gas gift card.
“Southerners are known for being friendly neighbors, so as a Southern..."
What Gas Prices Mean for Restaurants
Starting last spring, prices across the board began to rise as sharp increases in demand for goods and labor intertwined with supply chain disruptions. No particular industry, product or service has been spared by rising costs which have been passed along to consumers. The rate of consumer inflation continued to rise to a 7.9% annual increase in February, the largest jump since 1982, according to the Bureau of Labor Statistics.
Foodservice menu prices have also been skyrocketing in this environment, driven by higher raw material and labor costs. Despite this, consumers have continued to...
Beef Quarterly Q1 2022: Strong Demand but Cost Headwinds Prevail
Global beef markets remain tight. Ongoing strong demand and more limited supplies have kept global beef prices high. But cost pressures are flowing into the supply chain.
Over the past two years, retail beef price movements have been phenomenal, driven largely by strong consumer demand and some supply shocks. In many cases, this increase in prices was caused by demand pull. With supply unable to keep up, the increase in demand has created an imbalance in the market and as a result beef prices have lifted...
Consumers Pull Back on Purchasing as Retail Prices Remain Elevated, Reports NPD
U.S. consumers have started to pull back on discretionary general merchandise purchases, but average selling prices continue at the pandemic’s elevated levels. Unit sales declined in excess of 8% for six consecutive weeks following the holiday shopping season, when compared to a year ago, according to The NPD Group. Despite higher prices, these unit declines kept retail sales revenue performance marginal, at best. The one exception so far in 2022 has been the pre-Super Bowl and Valentine’s Day week, ending February 12, which saw a...
NCC Responds to Latest New York Times Attack on Chicken Producers
The National Chicken Council today released the following statement in response to a New York Times Opinion video attacking U.S. chicken production and advocating for increased food costs:
“The New York Times Opinion video, “The True Cost of Cheap Chicken,” is a vegan propaganda piece whose goal is to make meat more expensive, as clearly articulated in the final line of the video, “Chicken should be $6 a pound, not $1 a pound.” The activist group behind the video, Mercy for Animals, spends tens of millions of...
Americans Projected to Eat 1.42 Billion Chicken Wings for Super Bowl LVI
Football fans might be surprised at the matchup, but one thing is not surprising: America’s love for chicken wings. This is never more apparent than on Super Bowl weekend, when wings are at their hottest. Americans are anticipated to devour 1.42 billion wings while watching the Cincinnati Bengals and Los Angeles Rams battle for the Lombardi Trophy, according the National Chicken Council’s (NCC) 2022 Wing Report.
“There will be no wing shortage,” said NCC spokesperson Tom Super. “Like almost anything else you buy right now, wings might be..."
Poultry Markets Bullish on Demand Recovery and Challenging Supply
Global poultry markets are expected to be strong in 2022, on the back of reopening economies, increasing vaccination levels, and stronger economic conditions. This improving global market context will be a bumpy road, though, with ups and downs following Covid-19 developments. The industry will need to be ready to adjust sales channels in response to government measures. The operational side will also see challenges, as feed and other input costs, like freight and energy, are expected to stay high. The availability and cost of labor has become a big issue...
U.S. Inflation's Persistent Rise Hits Fastest Pace in 39 Years
U.S. inflation reached a nearly four-decade high in November, as strong consumer demand collided with pandemic-related supply constraints.
The Labor Department said the consumer-price index -- which measures what consumers pay for goods and services -- rose 6.8% in November from the same month a year ago. That was the fastest pace since 1982 and the sixth straight month in which inflation topped 5%.
The so-called core price index, which excludes the often-volatile categories of food and energy, climbed 4.9% in November from a year earlier...
Rising Inflation, Relentless Pandemic Dampen U.S. Consumer Confidence
U.S. consumer confidence dropped to a nine-month low in November amid worries about the rising cost of living and pandemic fatigue, but that did not change expectations for stronger economic growth this quarter.
The survey from the Conference Board on Tuesday showed consumers less enthusiastic about buying a house and big-ticket items such as motor vehicles and major household appliances over the next six months, likely because of shortages, which have boosted prices. Consumers held strong views of the labor market, with the gap between those saying jobs are plentiful...
Walmart Serves Up Savings on Thanksgiving Meal
As we approach our second holiday season since the pandemic began, concern over rising costs and short supply has stirred up a conversation centered on uncertainty about the Thanksgiving meal. But amidst it all, here’s what we’re certain of: Walmart is ready. We planned early for Thanksgiving, and we’re setting the table with savings, assortment and convenience.
Five Years of Savings on Thanksgiving DinnerThis year, customers shopping Walmart for their Thanksgiving meal can expect to save more than $14 (or nearly 28%) compared to the national average price reported by the...
Retail Sales Rise, Showing Strong Consumer Demand and Higher Inflation
Americans stepped up their spending in September, a sign of resilient demand and rising inflation as consumers head into the holiday shopping season.
Sales at retail stores, restaurants and online sellers rose a seasonally adjusted 0.7% in September from the previous month, the Commerce Department said Friday. The rise in sales reflects persistently strong demand and higher consumer prices.
Consumers, armed with stimulus payments and rising wages, have stepped up spending this year, shrugging off the Delta variant of Covid-19, the end of enhanced unemployment benefits and...
North American Meat Institute Urges President Biden to Act on Unfair Ocean Carrier Practices
The North American Meat Institute (Meat Institute), along with more than 70 agriculture associations, today called on President Joe Biden to address ocean carrier practices that are causing increased costs and delays for American businesses. To underscore the urgency of this crisis, and the need for immediate action from a broad cross-section of stakeholders, the organizations also delivered the letter to Agriculture Secretary Tom Vilsack, Transportation Secretary Pete Buttigieg, Chair of the Council of Economic Advisers Cecilia Rouse, U.S. Attorney General Merrick Garland and Federal Maritime Commission (FMC) Chair Dan Maffei.
Despite some positive steps implemented by the Administration, “the problem not only persists, but is becoming...
Urner Barry Releases June Soy & Wheat Report
Urner Barry Releases June Pulse Protein Report
Market Trends to Watch as the Summer Heats Up
Latest AgriBriefing Webinar: Many Markets Nervous as No End in Sight for Rising Raw Materials Prices
PLANT PROTEIN: Get to Know Players in the Plant Protein Market: Before the Butcher