Friday's economic report does not bode well for farmers or the rest of us!!
U.S. consumer prices accelerated in May at the fastest rate in 40 years, as farmers and the rest of us grapple with a surge in the cost of farm supplies, fuel, equipment, food, and shelter, data showed Friday, June 10th!!!
The Bureau of Labor Statistics' May Consumer Price Index (CPI) showed a year-over-year increase of 8.6% last month, up from 8.3% in April. Economists were expecting an 8.3% increase in May, according to estimates compiled by Bloomberg.
On a month-over-month basis, the broadest measure of inflation climbed 1.0%, compared to 0.3% in April. "Core" inflation, which strips out the more volatile costs of food and gas, rose 6% over the prior year in May, more than the 5.9% that was expected!!!
No US farmer or other business owner needs me to tell them this! It's pretty obvious when you shop for anything, if you can even find it!!!
We work to put your farm or other business in a better place right now and will work with your CPA or tax professional!!!
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Yes, it cost $19 to activate this money, but even if you only had one employee, that's $26,000 on a tiny payment. For those who own a farm, ranch or other business, that's peanuts when you do the math!