Food Inflation Lowest in 2 Years and NCBA Applauds Ag Security Risk Review Act
From the Ag Information Network, I’m Bob Larson with your Agribusiness Update.
**Although the U.S. inflation rate is up for the second month in a row, the annualized food inflation rate of 4.3% is the lowest since the 3.7% rate in August 2021, said the Bureau of Labor Statistics.
www.agriculture.com reports, the food inflation rate has fallen each month since peaking at 11.4% in August 2022.
The BLS said higher gas and housing prices had pushed the inflation rate to 3.7% for the 12 months ending in August.
www.agriculture.com/food-inflation-rate-is-lowest-in-two-years-7969644
**The U.S. House Committee on Financial Services advanced a bill supported by the National Cattlemen’s Beef Association that strengthens oversight of foreign agricultural purchases.
The Agricultural Security Risk Review Act would add the Secretary of Agriculture to the Committee on Foreign Investment.
NCBA’s Kent Bacus says the effort “Would provide a critical voice for American farmers and ranchers and ensure the federal government doesn’t overlook ag’s role in national security."
**The National Corn Growers Association launched a grassroots campaign to encourage the National Highway Traffic Safety Administration to provide a level playing field for biofuels like ethanol.
The campaign comes after the Administration proposed hiking the Corporate Average Fuel Economy Standard, or CAFÉ Standard, for small cars and light trucks from 44 to 58 miles per gallon by 2032.
NCGA President Tom Haag says that goal is unattainable.
