Farmers Hit Hard by Price Increases as Food Price Spike Looms

Man in white shirt and jeans planting seeds in the ground of a garden

Goods and services around the country are becoming increasingly more expensive, but farmers may be among the hardest hit as inflation, supply chain issues, and Russia’s invasion of Ukraine are expected to send food prices soaring even higher.

That impact is being felt by farmers around the country.

“The cost of fertilizer is up as much as 500% in some areas,” said Indiana Farm Bureau President Randy Kron. “It would be unbelievable if I hadn’t seen it for myself as I priced fertilizer for our farm in southern Indiana. Fertilizer is a global commodity and can be influenced by multiple market factors, including the situation in Ukraine, and all of these are helping to drive up costs.”

Read More

Wholesale Prices Jump in January as Inflation Continues to Soar

Wholesale prices jumped a full percentage point in January and 9.7 percent over last year, the Bureau of Labor Statistics said Tuesday, as inflation continues its rapid rise.

“On an unadjusted basis, final demand prices moved up 9.7 percent for the 12 months ended January 2022,” BLS said.

That increase comes after a 0.9% increase in November and a 0.4% increase in December.

Read More