Inflation Edges Higher in October Amid Mixed Dairy Market Movements
Source: DairyNews.today
October saw inflation inch up as the Consumer Price Index (CPI) rose 2.6% year-over-year, an increase from September’s 2.4%.
The food index continued its steady climb, rising 0.2% month-over-month, with grocery prices edging up 0.1% and dining-out costs gaining 0.2%.
In the Chicago Mercantile Exchange (CME) dairy markets, butter was the only bright spot, advancing to $2.6300 per pound, up 3.25 cents with two trades. Meanwhile, cheese prices fell further, with CME block cheese dropping to $1.6900 per pound, down 2.75 cents, and barrels sliding to $1.6800 per pound, a decrease of half a cent. Trading was light, with three loads of blocks and one load of barrels sold.
Milk futures continued to feel the pressure, with Class III futures largely in decline. The December contract settled at $18.66 per hundredweight, while Q1 prices closed at $18.86 per hundredweight, down 19 cents. Class IV Q1 contracts were also down, closing at $21.18 per hundredweight, a decrease of 12 cents.
As inflation ticks up and mixed dairy market trends continue, the pressure on food prices may persist into the new year, impacting both producers and consumers.
In the Chicago Mercantile Exchange (CME) dairy markets, butter was the only bright spot, advancing to $2.6300 per pound, up 3.25 cents with two trades. Meanwhile, cheese prices fell further, with CME block cheese dropping to $1.6900 per pound, down 2.75 cents, and barrels sliding to $1.6800 per pound, a decrease of half a cent. Trading was light, with three loads of blocks and one load of barrels sold.
Milk futures continued to feel the pressure, with Class III futures largely in decline. The December contract settled at $18.66 per hundredweight, while Q1 prices closed at $18.86 per hundredweight, down 19 cents. Class IV Q1 contracts were also down, closing at $21.18 per hundredweight, a decrease of 12 cents.
As inflation ticks up and mixed dairy market trends continue, the pressure on food prices may persist into the new year, impacting both producers and consumers.
