Transcript:
Conway Gittens: I’m Conway Gittens reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.
It’s Fed week and investors are playing it safe. While word on the street is the Federal Reserve will lower interest rates by a quarter-percentage point, investors are not sure how many cuts to expect in 2025. Stocks held close to the flat-line on Monday, Bitcoin, however, touched a fresh record high.
On Wednesday, Wall Street will get a read on industrial production and an important update on retail sales.
Related: Largest grocery store merger in history blocked by judge
And speaking of retail, if you’re feeling woozy at the supermarket checkout line - the return of higher food prices might be the culprit. According to the government’s November Consumer Price Index, the cost of eating at home rose half a percent on a month-to-month basis and 1.6 percent than the same time a year ago.
So which aisles are grocery shoppers experiencing the biggest sticker shock? Egg prices surged 37.5 percent from the same time last year. So-called other condiments - think mayonnaise - which is made mostly of eggs - up 16.1 percent. Frozen non-carbonated juices and drinks, like orange juice, cost 17.2 percent more. Dried beans and peas, up 7.4 percent. Beef and pork chops up 5 percent. Instant coffee up 4.6 percent.
Food inflation is back for a number of reasons: bird flu is hurting egg production, drought has pushed cattle-raising to a 70-year low, and the effects of climate change are showing up in every food group on the planet. The only caveat: flour, breads, and baked goods were the only categories where food is cheaper now than it was a year ago.
That’ll do it for your Daily Briefing. From the New York Stock Exchange, I’m Conway Gittens with TheStreet.
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