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Food Prices.

first_imgThe Consumer Price Index for all foodincreased 2.3 percent in 2000 and should rise about the same amountin 2001, say University of Georgia experts. After near-recordgrowth last year, beef and pork price increases are expected toslow. Other food items should see only small increases.”The slowing economy during the last quarter of 2000 is aforecast of a slower rate of economic growth during 2001,”said Bill Thomas, an agricultural economist with the UGA Collegeof Agricultural and Environmental Sciences. “Because farm commodities account for only 20 cents of eachretail food dollar, it’s more important to look at what’s happeningin the rest of the economy than to focus on farm prices,”Thomas said.What’s Driving Cost? Photo:USDA Americans can expect food prices to rise about 2 percent to 3 percent during 2001. Higher energy prices last year won’t necessarilytranslate into higher food prices, because transportation andenergy costs are small components of the total food marketingbill.”The total marketing bill equals 80 cents for every dollarconsumers spend on food,” Thomas said. “Transportationcosts are 4 percent and energy costs 3.5 percent of the marketingbill. If energy costs continue to be this high through 2001, another0.2 percent could be added to the rate of inflation in food.”Food price changes are a key to determining the portion of consumers’income that is spent on food. In 1999, consumers spent 10.4 percentof their household disposable income on food, with 6.2 percentfor food at home and 4.2 percent for food away from home. “During 2001, the long-run downward trend should continue,resulting in consumer expenditures for food amounting to only10.3 percent of their income,” Thomas said.Item-by-item CostThomas and other UGA economists make theseforecasts for individual food sectors:Meat Products: A booming economy continues to fuel demand for meatproducts, and overall meat prices were up 5.6 percent in 2000.Large meat supplies should limit gains to 3 percent to 4 percentin 2001.Fish and seafood: Prices should climb 2 percent to 3 percent in2001. A strong domestic economy is boosting sales in the restaurantand food-service sectors, which claim a growing share of totalseafood sales.Eggs: Prices will rise as much as 1 percent in 2001. Higherproduction levels and slower growth in exports have led to lowerretail prices the past four years.Dairy products: The CPI is expected to increase 1 percentto 2 percent in 2001. Strong consumer demand for gourmet ice cream,cheese and butterfat products, is expected to continue into 2001.Fresh fruits: It’s too early to know the full impact ofthe freezes in Florida on citrus prices. However, continued demandfor fresh fruits and normal production levels for major fruitsin the United States should boost the fresh-fruit CPI 2 percentto 3 percent in 2001.Fresh vegetables: After low farm prices in 1999, farmersreduced acreage in 2000, and prices climbed. Farmers took note, and shipments are expected to decline during 2001. Assuming normal weather and continued strong demand, the fresh-vegetable CPI should increase 2 percent to 3 percent in 2001.Processed fruits and vegetables: Adequate supplies of mostfruits and vegetables for processing is expected to limit theCPI increase to 2 percent to 3 percent in 2001.Sugar and sweets: Relatively low inflation, along withincreased production and lower retail for selected sugar-relatedfood items, is expected to limit the index increase to 1.5 percentto 2.5 percent in 2001.Cereal and bakery: With grain prices lower this year andinflation-related processing costs modest, the CPI is forecastto rise 2 percent to 3 percent. Most of the costs to produce cerealand bread products — more than 90 percent in most cases — arefor processing and marketing. Grain and other farm ingredientsaccount for a fraction of the total cost.Nonalcoholic beverages: The CPI is forecast to rise 2 percentto 3 percent. Prices of coffee and carbonated drinks, which accountfor 28 and 38 percent of the index, rose 3 percent (coffee) and4 percent (soft drinks) in 2000. Recent near-record arabica beanproduction in Brazil should lead to larger U.S. stocks and continuedmoderate consumer prices.last_img read more

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Fewer Queenslanders applying for mortgages as housing market cools

first_imgFewer Queenslanders are applying for mortgages according to new research.Mr Luffman said the figures could indicate people were turning to credit to support their household and discretionary spending.“Given the current subdued growth in household incomes, and below-neutral consumer sentiment, it is understandable that Australians may be becoming more circumspect in their use of consumer credit products,” he said.Mortgage applications are a good indicator of homebuyer demand and housing turnover.It comes as Brisbane home prices recorded their slowest rate of growth in four years over the past financial year, rising just two per cent, according to CoreLogic. Fewer Queenslanders are applying for home loans according to new data. Picture: Chris PavlichThe finding comes after CoreLogic data revealed the number of homes up for auction across Sydney, Melbourne, Brisbane, Adelaide and Perth fell for the fourth straight week in the seven days to July 16.More from newsMould, age, not enough to stop 17 bidders fighting for this home3 hours agoBuyers ‘crazy’ not to take govt freebies, says 28-yr-old investor3 hours agoGET THE LATEST REAL ESTATE NEWS DIRECT TO YOUR INBOX HERENationally, consumer credit demand rose 10.3 per cent in the June quarter, driven mainly by a surge in personal loan applications, according to Equifax’s latest Quarterly Consumer Credit Demand Index.Credit card applications in Queensland rose 4.5 per cent in the three months to June, the second largest increase after Tasmania.Personal loan applications also picked up strongly in Queensland — jumping 19.6 per cent during the quarter.Extreme inner-city renovationDo these five things before you make an offerBuyers with a bad case of FOMO Fewer Queenslanders are applying for home loans, according to new research. Picture: Brendan Radke.FEWER Queenslanders are applying for home loans in another sign the state’s housing market is beginning to cool.Mortgage applications fell 3.4 per cent in Queensland during the June quarter, according to credit reporting agency Equifax.Nationally, home loan applications were down nearly one per cent during the quarter.Equifax senior general manager Angus Luffman said it marks the second consecutive quarter of declining mortgage applications, signalling the start of a “downward trend” in all states.“Any debate about whether the housing market is softening should now be put to rest,” Mr Luffman said.“We can clearly see that, even in the historically strong geographies on the eastern seaboard, mortgage application demand is slowing or already in decline.”last_img read more

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Boys soccer Warriors, Wildcats earn league wins

first_img Tags: Bishop Luddenboys soccerWest GeneseeWesthill WG featured a well-balanced attack where four different players – Tom Shields, Jacob Sachar, Josh Rimauldo and David Puma – found the net. Nolan Merritt and Jesper Behr earned assists, with Alex Toumbarcis and Josh Farrell combining for 11 saves.Bishop Ludden, having moved to no. 11 in the state Class C rankings, reinforced that high status in last Tuesday’s 6-1 romp over the LaFayette Lancers, where Michael Gaughan again stood out.Already up 2-0, at halftime, the Gaelic Knights got away with Gaughan pouring in four goals and adding an assist. Mark Collins and Luke Infanti also found the net as Liam Mahar got two assists and Charlie Colella added an assist.At Tully two days later, Ludden again jumped out in front with a pair of first-half goals, only here that was the only thing needed to gain a 2-0 shutout of the Black Knights.Gaughan and Mahar earned the goals, with Colella adding an assist. Tully had plenty of its own chances throughout the game, but goalie Jim McGarvey turned back all 10 of the Black Knights’ shots.Solvay lost, 5-0 to Chittenango last Monday, and then struggled again two days later in a 7-2 defeat to Cazenovia, though Ty Martineau did score a goal and assist on Alex Wilsch’s tally. Jonathan Gonzalez Perez had 15 saves. Humbled on Sept. 16 by Marcellus when it was undefeated and held the top spot in the state Class B rankings, the Westhill boys soccer team fell to no. 13 in the state poll, but quickly resumed its winning form.The Warriors hosted Mexico exactly one week after the defeat to the Mustangs, getting away in the second half to blank The Tigers 4-0.A well-balanced attack included one goal and one assist from Bo BenYehuda, with Andrew Centore, Brian Kenny and Jackson Powers also getting goals. Will Delano added an assist. Share this:FacebookTwitterLinkedInRedditComment on this Story When West Genesee hosted state Class AA no. 12-ranked Fayetteville-Manlius last Tuesday, it expected to make the Hornets worry, just as it did to Baldwinsville a week earlier.But the Hornets had none of it, topping WG 3-0 as Cheech Pagano netted two of F-M’s three goals. Ziad Abdul-Malik had the other goal as none of the Wildcats’ nine shots got past Chris Szidat or Will Summers.This loss didn’t shake up the Wildcats too much, though, for on Thursday night it hosted Cicero-North Syracuse and unleashed its attack on the Northstars, not letting up until it had earned a 4-2 victory.last_img read more

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