Pandemic Lingers in Georgia and Ukraine Invasion Hits Gas Prices
From the Ag Information Network, I’m Bob Larson with your Agribusiness Update.
**The lingering effects of the global pandemic continue to ripple through Georgia, with persistent supply chain issues and inflation impacting bottom lines.
But a strong overall economic outlook and confident consumer spending signal recovery in 2022, according to UGA agricultural economists at the 2022 Georgia Ag Forecast.
State fiscal economist, Jeffrey Dorfman says overall, average incomes are about 8% above pre-pandemic levels and high rates of savings accumulated during the pandemic means consumers are well-positioned to absorb currently inflated prices.
**The Russian invasion of Ukraine boosted fuel prices last week, for the ninth straight week.
U.S. fuel prices increased, with gas claiming 7.5 cents to an average of $3.59 per gallon … up 23.2 cents from a month ago and 87.6 cents higher than a year ago.
GasBuddy’s Patrick De Haan says, “The Russian invasion of Ukraine has sparked high level concern that oil production could eventually be stifled, or even sanctioned, leading to less supply as demand grows.”
**USDA Economic Research Service data shows food insecurity rates vary across the country.
The estimated prevalence of food insecurity during 2018–20 ranged from 5.7% in New Hampshire to 15.3% in Mississippi.
The estimated national average was 10.7%.
The prevalence of food insecurity was significantly higher than the national average in Alabama, Kentucky, Louisiana, Mississippi, New Mexico, Oklahoma, Tennessee, Texas and West Virginia.
