On Wednesday, January 13th the Department of Labor reported that U.S. consumer prices rose 0.4 percent in December compared to November and were 1.4 percent above the comparative value for 2019.  Core prices, excluding food and energy, rose 0.1 percent from November to December and were up 1.6 percent on the year.

According to the Department of Labor, the price of core goods was 1.7 percent higher in November 2020 compared to November 2019.  Core services were up 1.6 percent compared to last year.

In reviewing the impact of inflation in ingredient prices on the poultry industry, the CME per bushel price of corn increased 32.9 percent from January 13th 2019 from $3.89 to $5.17 per bushel on January 13th 2020.  Soybean meal increased by 30.4 percent from $355 per ton on January 13th 2019 to $463 per ton on January 13th 2020. The collective effect of the January 2020 to 2021 escalation in prices of corn and soybean meal alone represents an increase in production cost of 10.5 cents per dozen for eggs and 5.9 cents per live weight pound for broilers.  In addition the cost of fuel, consumables and labor have risen consistent with inflation and producers have borne the additional costs of preventing COVID-19 in 2020.