Declining Food Costs Linked to Drop in Producer Price Index
The price of food surged over the last year but there is a sliver hope that rates could be on the downswing. Marty Cantor, CPA and economic development consultant, joined Cheddar News to provide some insights into declining food prices and whether or not consumers should expect them to climb again. "A big component of the producer price index is gasoline -- transportation -- but that's coming down. But that could turn around because oil prices are now up," he said. "The producer price index is the final prices for goods and services that a retailer will have to pay and then the retailer, in turn, will put their profit margin on it and sell it to you as a consumer and that's the consumer price index."
The cost of financing a home surged again this week as the average long-term U.S. mortgage rate climbed to its highest level since December 2000, further dimming the affordability outlook for many would-be homebuyers.
A commercial fisherman accused of conspiring with others to sell 200,000 pounds (90,000 kilos) of fish in excess of legal quotas has been convicted in federal court in New York.
