Grocery Food Prices Up in 2022 and American Ethanol Inventory Drops
**Grocery store food prices will increase between 2.5% and 3% this year but then increase just 1.5% to 2.5% in 2022.
But, according to the USDA’s December Food Price Outlook Report, restaurant prices are increasing at a faster clip than food purchased for home consumption.
www.thepacker.com reports, for 2021, the USDA projects away-from-home food prices will rise between 4% and 5% this year and rise between 3% and 4% next year.
**The U.S. Cattlemen’s Association’s Independent Beef Processing Committee led an effort to help communities hit hard by tornado damage with more than 800 pounds of beef is on its way to feed communities in Western Kentucky.
USCA President Brooke Miller says we cannot imagine what these residents must be going through as they grieve and survey the damage to their communities.
At least 74 people, including 12 children, perished, and more than 100 people are still missing.
**American ethanol inventories took a surprising drop last week while production also fell.
The Energy Information Administration says U.S. ethanol inventories totaled 20.7 million barrels during the week ending on December 17, a drop of almost 200,000 barrels from the prior week.
Daily production also dropped during the week, with production down by 36,000 barrels per day to 1.05 million a day.