Certain agricultural commodities have climbed in recent months, driven by weather-related damage around the globe and tighter supplies.
Surging prices for soft commodities, from orange juice to live cattle, are complicating the inflation picture. A host of agricultural commodities have climbed in recent months, driven by weather-related damage and rising climate risks around the globe, resulting in tighter supplies. The higher prices add another layer of pain to consumers' wallets at a time when stubborn core inflation, excluding food and energy, stood at 4.3% in August.
"That's why we're seeing the price go up, and there's no short term solution because there's only so much people can produce. And that's not sensitive to demand as much as it is to the production side." Given that food and energy are not included in calculations of core inflation, Kung added that consumers may experience higher daily prices than are taken into account by central bank policymakers.
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