Latest news with #inflation
Wall Street Journal
28 minutes ago
- Business
- Wall Street Journal
Why Political Pressure on Central Banks Is So Toxic for Investors
Investors sent a warning Wednesday that central-bank independence matters to Wall Street. Reports that President Trump was again pondering firing Federal Reserve Chairman Jerome Powell drove longer-term Treasury yields higher and the dollar lower. The markets see the prospect of higher inflation if a new Fed regime were to cut rates in line with Trump's wishes. Some analysts say there would be global consequences, because Treasurys and the dollar underpin financial markets worldwide.
RNZ News
28 minutes ago
- Business
- RNZ News
Food prices up 4.6 percent on annual basis
Butter is now nearly $5 more expensive than it was more than 10 years ago, and helped drive food prices in general up almost 5 percent year-on-year in June. Money Correspondent Susan Edmunds spoke to Charlotte Cook. To embed this content on your own webpage, cut and paste the following: See terms of use.
RNZ News
39 minutes ago
- Business
- RNZ News
Pricey butter pulling up food bills - but there may be some relief in sight
Photo: Sorin Gheorghita for Unsplash The price of a block of butter is now 120 percent higher than it was 10 years ago, and increases in dairy prices in general helped pull up food prices in June, Stats NZ says. It said food prices lifted 4.6 percent in the 12 months to June 2025. Stats NZ spokesperson Nicola Growden said dairy prices were a continued driver of the increase. Milk was up 14.3 percent for the year, to $4.57 for two litres, butter was up 46.5 percent to $8.60 for a 500g block, and cheese was up 30 percent to $13.04 for a 1kg block. "Butter prices are nearly five dollars more expensive than 10 years ago, an increase of over 120 percent," Growden said. There were also significant increases in the price of meat, poultry and fish. "The average cost for 1kg of beef mince was $21.73 in June 2025, up from $18.80 a year ago," Growden said. Food prices rose 1.2 percent in the month. More expensive tomatoes, capsicum, and broccoli drove the increase for fruit and vegetables, while higher prices for boxed chocolates and eggs drove the increase for grocery foods. Gareth Kiernan, chief forecaster at Infometrics, said there were signs that the increases in dairy could soon level off. There have been recent falls at dairy trade auctions and forecasts of increased supply out of Europe. "You may see those prices stabilise rather than trending upwards." He said beef prices in general were quite strong and lamb prices had been pushing up after being low in late 2023 and early 2024. "There is some strong upward momentum there, which I think is a reflection of just less international supply across both of those." Kiwibank economist Sabrina Delgado agreed the near-term picture was for prices to stablise rather than fall. "While recent global dairy trade auctions have shown some downward movements, prices remain at historically elevated levels. And farmgate forecasts are still firm between $8.00 and $11.00 per kgMS for the new season. "However, with downside risks dominating the global environment and the projected global slowdown unfolding, we do expect commodity prices to come under pressure. In the medium term, we expect weak global demand to exert downward pressure on all commodity prices, including dairy prices." Westpac senior economist Michael Gordon said dairy prices had caught up with the rise in global prices earlier in the year. "There is typically a few months' lag before we see the impact on local shelves. "World dairy prices have come off a little in the last two months but not by a huge amount, it's within the normal range of variability." Kiernan said he did not think the Reserve Bank would be too concerned about the prospect of pressure on prices adding to wider inflation. "They can't do anything about international commodity prices, right? I don't think they're going to lose sleep over what dairy and meat prices are doing from an inflation perspective. "They'll probably be happy in the sense that the positive effects of these price rises on export incomes will help the economic recovery we've been holding out for over the next 12 to 18 months… maybe if anything it adds weight to the fact they don't need to cut interest rates too much more from here but it's probably more of a growth story than an inflation one in general." Westpac's economists said they expected annual inflation to come in slightly higher than the Reserve Bank forecast but it had made comments recently that indicated it might already be braced for that. At ANZ, senior economist Miles Workman said it would take a "sizeable" surprise in the next inflation data to stop the Reserve Bank from cutting the official ash rate in August. He said with food price inflation elevated and electricity inflation at its highest level in 20 years, many households would feel a cost-of-living squeeze even when inflation was within the Reserve Bank's target band. Sign up for Ngā Pitopito Kōrero , a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
Yahoo
an hour ago
- Business
- Yahoo
Inflation rose the highest in these Southern California metro areas
Using the latest data from the U.S. Bureau of Labor Statistics, a new study has found how inflation impacts people in different parts of California. In its latest report, the federal agency put the year-over-year headline inflation rate at 2.7% as of June 2025, which is the highest since February, and up from 2.4% in May. Various factors, such as the war in Ukraine, labor shortages, and recent tariffs, drive this higher-than-average inflation, according to WalletHub. Despite the country not meeting its target yet, the Federal Reserve will keep interest rates at the level set in December 2024, the study authors say. Inflation rates increased year-over-year in Southern California It may come as no surprise to California residents that where you live is a major factor in how much you fork out for everyday goods and services. In the latest WalletHub study, they compared 23 major MSAs (Metropolitan Statistical Areas) across two key metrics related to the Consumer Price Index (CPI), which measures inflation. They looked at the CPI for the latest month for which BLS data is available, two months prior, and one year before get a snapshot of how inflation has changed in the short and long term. In California, the study found that the amount consumers spend on daily necessities like food and medical care has risen the highest over the last year in three major metro areas in the southern part of the state. In the San Diego and Carlsbad region, the CPI rose by 3.8%, making it 19 times higher than the increase in CPI (0.2%) in Phoenix, Arizona, the lowest in the study. While the CPI rose by 3.2% year-over-year in the Los Angeles/Long Beach and Anaheim metro area, per the WalletHub study, it appears prices have remained relatively steady over the last few months, increasing by just 0.1%. In the Riverside, San Bernardino, and Ontario metro areas, prices rose by 2.6% year-over-year and 0.7% in recent months. Meanwhile, in San Francisco, the CPI changed the least of all California metro areas in the study. Over the last year, the prices increased by 1.5% and 0.2% in recent months. This article originally appeared on Palm Springs Desert Sun: New study looks at how inflation differs in these California cities Solve the daily Crossword
Yahoo
an hour ago
- Business
- Yahoo
How A $32 Grouper Sandwich In Florida Almost Became The Statewide Poster Child For Inflation
The price of Florida's unofficial lunch, the grouper fish sandwich, has become a talking point after Governor Ron DeSantis publicly used a $32 menu price at a popular restaurant to illustrate the impact of inflation. The governor's remarks set off a ripple of local debate, with some residents and visitors expressing surprise at the cost, while others, including industry workers, see high prices as an ongoing reality for anyone who eats local seafood. In coastal communities from Jacksonville to the Keys, the grouper sandwich has never been a bargain option. Today, a sandwich made with fresh, wild-caught grouper typically ranges from $18 to $35. While it is true that some spots charge less, prices remain well above those for farmed or frozen fish sandwiches, and as with any restaurant menu item, the higher price points are typically found at more upscale restaurants. The cost of this sandwich reflects a tangled net of factors, with rising cost rippling outward from managing fish populations and supporting local fisheries to the practical obstacles of bringing a fresh, wild catch from ocean to easy to focus on sticker shock, but it is important to recognize what diners are actually getting: A substantial piece of wild-caught and regulated seafood. As DeSantis noticed, inflation means rising costs, from ingredients and kitchen gear to air conditioning and labor. All of these add to the cost of every sandwich served, so there's just no way to net a bargain-basement price on real Florida grouper. Read more: 10 Ingredients With Way More Protein Than You Realize No Free Lunch: The Real Costs Of Reeling In Grouper Understanding the true cost of a grouper sandwich requires looking deeper into the economic and ecological reality of fishing in Florida's waters today. Wild-caught grouper can't be mass-produced to lower costs or boost supply, and local fishermen face unpredictable work, tough weather, and strict rules designed to keep fish stocks sustainable. Quick transport and careful handling is essential to make sure the fish is still fresh by the time it reaches the restaurant. Grouper is a slow-growing, bottom-dwelling fish most often caught on offshore reefs. Strict regulations of Florida's fishing grounds mean that each grouper brought to market represents a significant investment of time, equipment, and quota shares. High demand, limited supply, and the costs of fuel, permits, and labor all add up, making local grouper, like many local vs. commercially produced foods, a premium product compared to frozen imports or fish sourced from less regulated waters. Keeping grouper on the menu at all is a balancing act. Current regulations are designed to protect wild populations and help them survive as ocean conditions shift. Since the 1950s, sea levels in South Florida have risen more than eight inches, and scientists point to warming trends that threaten the entire ecosystem. For coastal communities who depend on local fishing, the price of a sandwich now mirrors both economic pressures and the growing uncertainties of a rapidly changing environment. High Stakes, High Tides In some ways, the attention to price distracts from more substantive questions about what Floridians want from their local food system. Lower prices are possible if restaurants use imported or farmed fish instead of locally caught seafood, but that tradeoff affects flavor, quality, and the future of the region's independent fisheries. The debate also overlooks the reality that nearly all wild-caught seafood, especially species as tightly regulated as grouper, will always come at a premium. Rather than a simple sign of economic trouble, the grouper sandwich's price may be an indicator of careful stewardship, community investment, and the high value placed on authentic local ingredients. Supporting local seafood keeps jobs and skills in the state and helps preserve Florida's culinary heritage. As with so many Florida traditions, the real story is found in the details, not just the headlines. There is no endless, perpetually renewing supply waiting offshore; the choices Floridians make now will shape the future of their coastlines and the entrees at their restaurants. Wild-caught grouper is a connection to Florida's ecology and local history. The true cost of a grouper sandwich is a reflection of the work, care, and restraint required to keep something special on the menu, even as the tides keep changing. Read the original article on Tasting Table. Solve the daily Crossword
