Grocery inflation rate in 2024 forecast as lowest in five years
In its first forecast of 2024 food costs, the government said grocery prices would climb by a modest 0.9 percent next year. If so, it would be the lowest annual grocery inflation rate in five years and mark the end of the period of high food inflation that followed the pandemic.
Senate votes to restrict foreign ownership of ag land
In a reflection of international tensions, the Senate voted overwhelmingly on Tuesday to prohibit China, Russia, North Korea, and Iran from purchasing U.S. agricultural land and agricultural businesses. The language was added to a military spending bill that was sure to pass the Senate and then be reconciled with a House version.
TODAY’S QUICK HITS
Holladay tapped for CFO: Jon Holladay, who was the USDA’s chief financial officer during the Obama era, was nominated by President Biden for a second stint in the job. (White House)
House bill boosts GusNIP: Sponsors of a bill to expand the Gus Schumacher Nutrition Incentive Program, which awards grants to projects that help SNAP recipients buy more fruits and vegetables, say their legislation would reduce the proportion of matching funds required for projects and encourage those projects to expand statewide. (Rep. Kildee)
EU ponders grain plan: As the European Commission looks for ways to defray the cost of transporting grain out of Ukraine, farmers in neighboring countries worry about competing with the glut of cheap grain. (Associated Press)
Gulf Stream in peril: Scientists say the Gulf Stream, which carries warm tropical water to the chilly North Atlantic, could collapse as soon as 2025, with dire global effects, including rising sea levels on the U.S. Atlantic Coast. (Guardian)
Dry-manure proposal: Companion bills in the Senate and House would create a voluntary federal program to help livestock producers switch to dry-manure handling systems to protect water quality and reduce methane emissions. (Sen. Padilla)
