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INFLATION

Cal-Maine Foods, which controls 20% of the retail egg market, reported quarterly sales up 110% and gross profits up more than 600% over the same quarter in the prior fiscal year.
Egg prices reached record highs in December 2022 and have now surpassed $5 per dozen in supermarkets across the region.
Excluding the volatile food, energy and trade services components, producer prices also rose 0.4% in September. The so-called core PPI gained 0.2% in August.
While inflation and the war in Ukraine spur high fertilizer and fuel costs, forward crop pricing could make growing season more profitable for farmers who haven't contracted all of their crops.

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Providers say it’s the result of a sinister combination of factors leading working parents and seniors to venture to food shelves for the first time: the rising price of everything — including food — combined with the expiration of a host of COVID-inspired government subsidies, from stimulus checks to tax credits.
The president will also call on states to temporarily suspend state fuel taxes, which are often higher than federal rates, and he will challenge major oil companies to bring back idled refining capacity.
Particularly galling to the White House is the jump in industry stock buybacks, returning to investors profits that the administration wants invested in more refining capacity to bring gasoline prices down.
Biden also said his staff would meet with oil industry executives this week after he told U.S. refiners in a letter last week that unprecedented profit margins are unacceptable and called for “immediate action” to improve capacity.
The average price of gas in Minnesota and nationwide hit record highs last week, including at $4.98 per gallon nationwide on Monday, according to AAA. The national average rose to $5 a gallon last week for the first time.
More than a year later, price increases at 40-year peaks have proven to be anything but, so much so that the Fed this week appears ready to hike interest rates by the most since 1994 to quell them.

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A hotter-than-expected inflation reading has even thrown some doubt on expectations.
Airlines, hotels, rental car companies and booking sites all reported a surge in demand for their services in the latest batch of company earnings. But at the same time, many of those companies face a tight labor market and limited volume.
Bird flu has wiped out more than 19 million egg-laying chickens on commercial U.S. farms this year in the worst outbreak since 2015, eliminating about 6% of the country's flock.

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