Inflation is easing, White House CEA says
The chair of the White House Council of Economic Advisors says inflation is easing and that is good news for the ag industry.
Cecilia Rouse tells Brownfield ag input prices have had their largest decrease in two years. “The inputs for those who produce food fell by about 1.2% in December,” she said. “This is the first drop in prices since August of 2022.”
She says the reduction in prices is being driven by lower energy costs. “That’s also an important input for farmers,” Rouse said. “Not only is it because they have to power their equipment, but energy is also an important input for fertilizer.”
Rouse says food prices have also been trending lower.