First Fuel Price Drop of 2023 and Net Farm Income Down 15.9%
**For the first time this year, the nation's average gas price posted a weekly drop, falling 4.4 cents from a week ago to $3.44 per gallon.
That’s up 17.5 cents from a month ago and 1.7 cents higher than a year ago.
The national average diesel price fell 5.2 cents last week, now at $4.60 per gallon.
GasBuddy’s Patrick DeHaan says while the decline in prices is terrific, it’s not unusual to see prices falling in February.
**USDA's Economic Research Service released the February Farm Income Forecast, showing net farm income, a broad measure of profits, at $136.9 billion in calendar year 2023, a decrease of $25.9 billion, or 15.9% from last year.
After adjusting for inflation, net farm income is forecast to decrease $30.5 billion, or 18.2%, in 2023.
Despite the expected decline, net farm income in 2023 would be 26.6% above its 20-year average of $108.1 billion in inflation-adjusted dollars.
**A group of Senators is urging the USDA’s Animal and Plant Health Inspection Service to take swift action to address the ongoing avian influenza outbreak.
They say, it’s imperative the agency quickly deploy additional resources to improve biosecurity measures within the avian supply chain.
As of January 31, APHIS confirmed avian flu had been found in 745 flocks in 47 states, and affected over 58 million birds, directly contributing to rising egg prices.