Latest news with #foodcosts
RNZ News
2 days ago
- Business
- RNZ News
Inflation hits 12-month high of 2.7%
Key factors contributing to the inflation increase include surging food, power and housing costs. Photo: RNZ Recent figures show inflation has risen to a 12-month high, pushing the annual rate to 2.7 percent. Stats NZ data shows the consumer price index rose 0.5 percent in the June quarter, taking the annual rate to 2.7 percent. Key factors contributing to the inflation increase include surging food , power and housing costs, offset by cheaper fuel. The spike is not expected to halt at least one more Reserve Bank (RBNZ) rate cut. Consumer prices for the three months ended June were expected to have risen 0.6 percent . Economists believe inflation will edge above the Reserve Bank's 1.3 percent target band by September, but then ease. Sign up for Ngā Pitopito Kōrero , a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
CTV News
3 days ago
- Business
- CTV News
CTV National News: New report finds grocery prices rise faster than inflation
Watch As food costs keep climbing, Canadians are adjusting their shopping habits. CTV's Josh Marano breaks down the latest report.
Malay Mail
4 days ago
- Business
- Malay Mail
Johor drafting measures to tackle rising food, transport and housing costs
KULAI, July 18 — The Johor government is formulating mitigation measures to address rising food, transportation and housing costs, particularly in Johor Bahru. State Investment, Trade, Consumer Affairs and Human Resources Committee chairman Lee Ting Han said a discussion on the matter was held today with the relevant state executive councillors. The meeting also touched on efforts to improve public transportation services and expand the Muafakat Johor bus network, while seeking ways to ease the people's financial burden. 'We take note of public concerns raised during on-the-ground engagement and through social media. The people of Johor are worried about what's to come, given the state's rapid economic growth. 'So, how do we ensure that people can benefit from this growth, so that everyone, especially the younger generation, chooses to remain in Johor and has access to promising career prospects? These are some of the challenges we must address,' he told a press conference after attending the Sirim Silaturasa 2025 event at the SIRIM Johor office here today. He was commenting on a recent statement by Menteri Besar Datuk Onn Hafiz Ghazi, who said that Johor Bahru's cost of living had surpassed that of several other major Malaysian cities. Lee said that supply and demand are among the factors contributing to the rising costs, in addition to the state's rapid economic growth. 'On housing, we've received feedback that rental rates are quite high. As announced by the Menteri Besar, we will accelerate the construction of affordable housing. 'Initially, we aimed to build 30,000 units by 2030, but the Menteri Besar has raised the target to 100,000 units by that time. We are now making plans to meet this target,' he said. Lee said Onn Hafiz is expected to announce initiatives addressing these concerns in the upcoming Johor Budget 2026, scheduled in November. — Bernama
Bloomberg
10-07-2025
- Business
- Bloomberg
City-Run Supermarkets Aren't New. But No One's Tried Them in a City Like New York
For decades, the American playbook for bringing groceries to underserved neighborhoods has been simple: offer tax breaks to supermarket chains and hope they sign up. But as food costs climb and public trust in private solutions falters, a supermarket model with government at the center is moving from fringe idea to policy experiment. Nowhere is the potential impact greater than in New York City, where Democratic mayoral candidate Zohran Mamdani wants to test a city-run grocery store in each of the five boroughs at a projected cost of $60 million. But New York isn't the only place where alternative models are emerging.
Yahoo
09-07-2025
- Business
- Yahoo
Beef prices in the U.S. are searingly high. Here's why.
Soaring U.S. beef prices are hitting consumers in the wallet and raising costs for restaurants. "Anybody should be able to afford a burger," said Andrew Schnipper, a managing partner at Hamburger America in New York City. "It's never been an expensive item historically." Yet the restaurant may be forced to raise the price of its burgers, which start at $7.50. "We're very focused on trying to charge the least amount we feel comfortable doing," he added. "But obviously, if prices go up we have to raise prices." The cost of beef reached $5.98 per pound in May, according to Federal Reserve data — the highest since the Department of Labor started tracking beef prices in the 1980s. That rise hasn't come overnight. Ground beef costs have increased 45% over the last 10 years, compared with roughly 30% for the overall Consumer Price Index. Overall food prices have eased since surging during the pandemic, although they're still up nearly 17% since 2022, according to the CBS News price tracker. That means a grocery bill that cost $100 back then would cost around $116.85 as of May (the latest data available). So what accounts for higher beef prices? The answer largely comes down to simple economics, with demand outstripping supply. That has resulted in higher costs throughout the supply chain, including for meat processing companies, the restaurant industry and consumers. "There's plenty of alternative protein sources in terms of pork and poultry, primarily in the U.S., that consumers could turn to that are in abundant supply and relatively cheaper," Derrell Peel, a professor in the department of agricultural economics at Oklahoma State University, told CBS MoneyWatch. "And yet beef demand has stayed remarkably robust." Shrinking herds and drought If the rules of supply and demand explain why beef has gotten so prices, other dynamics come into play. Notably, Americans' enduring appetite for beef has coincided with shrinking cattle herds. The number of beef cattle in 2025, 27.8 million, is the lowest it's been since the 1960s despite the growing U.S. population, Agriculture Department data shows. Over the last decade, in turn, the decline in cattle supplies has mainly been driven by drought conditions around the U,.S., which reduced the available feedstock and forced many cattle ranchers to sell off their beef cows, Peel said. "They simply had no choice because of the drought." Most recently, a severe drought started in 2021 and continued through last year, sweeping through the western half of the country. "Somewhere during that period, just about every major beef cow-producing area was subject to drought and subject to this sort of forced liquidation," Peel said. Even without the challenge of insufficient rainfall, herds take a long time to grow due to the biology of cattle. Cows can only have one calf at a time, and it takes longer for them to reach the age for slaughter than other livestock, Peel said. Other factors driving up beef prices include high grain prices, tariffs and rising interest rates, according to a June study from NerdWallet, a financial services company. Will prices cool? Unfortunately for Americans, beef prices are expected to keep rising for some time. Diminished cattle supplies are likely to drive prices to new record highs in 2026, according to projections from the U.S. Department of Agriculture. Longer term, Peel expects beef prices to stay high for the next several years as ranchers work on rebuilding their herds. "We're going to be in a tight supply situation, in an elevated price situation for the next two to three years, probably to the rest of the decade," he said. var pymParent = new "tracker", " {} ); Sneak peek: Who Killed Aileen Seiden in Room 15? Everything we know so far about the deadly Texas floods Texas flood survivor says she decided to evacuate campsite despite no warnings or alerts
