In a report to clients on Monday night, Goldman Sachs projected the food-at-home category of the consumer price index will increase by another 5% to 6% this year.
The Wall Street bank cited a 6% jump in food commodity prices so far this year and"soaring costs" of some farming inputs, including a quintupling of some fertilizer prices.
"The stage has been set for further substantial increases in retail food prices this year," Goldman Sachs economists wrote in the report.Grocery prices in the consumer price index have already jumped by 11% over the past two years, the fastest pace since the financial crisis, the bank said. A perfect storm of bad weather, poor crop yields, tight inventories and strong demand have lifted food commodities nearly 40% over the past two years, Goldman Sachs said.
Food at home prices jumped by 6.5% in December from the year earlier, according to the Bureau of Labor Statistics. That's the biggest increase since December 2008 and it contributed to the hottest overall rate of inflation in 39 years. In December, there were large price spikes for meat , chicken , eggs and other items.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
100 Years Ago, a Quantum Experiment Explained Why We Don’t Fall through Our ChairsThe basic concept of quantum spin provides an understanding of a vast range of physical phenomena
Read more »
Glenview man found guilty of illegally selling AR-15 'ghost gun' to felon in DeerfieldJoseph Ghandour met with the convicted felon in a grocery store parking lot in suburban Deerfield.
Read more »
South Side couple spicing up frozen aisle with West African foodA Chicago couple is bringing frozen West African foods to a grocery store near you. AYO Foods is in thousands of stores across the country.
Read more »
Suspect caught hours after man killed in shooting at a Washington Fred Meyer grocery storeThe suspect was captured on an interstate, police said, adding that the other victim was in critical condition.
Read more »
The ‘Genocide Games’ Disruptors Giving Hell to Beijing'During the month of February we will be continuing our campaign against Beijing 2022, shining a spotlight on China's egregious human rights abuses,' Pema Doma, Campaigns Director for Students for a Free Tibet, told The Daily Beast
Read more »
Richland Fred Meyer shooting: Police arrest suspect accused of killing 1, injuring anotherThe man who police say opened fire Monday at a Fred Meyer grocery store in Washington state, that killed one person and injured another, was taken into custody.
Read more »