Porter cites fertilizer prices as an example of how inflation is affecting his business, noting that costs are “three to four times what they were a year ago.”
“A year ago, a 275-gallon Roundup tote bag, which was a herbicide [was] $1400; now [it’s] Over $10,000,” he noted.
“Everything is gone,” he added, noting that there is “nowhere” to pass the cost on to someone else. “Farmers are price takers, we are not price setters.”
Porter explained that cattle prices “are not as good as they were more than a year ago,” telling McShane that he currently costs “three to four times as much” to produce them and “no longer receives them.” “It’s not sustainable,” he warned.
News on Wednesday Inflation is cooling down year by year April posted its first rise in months but rose more than expected as supply chain constraints, Russia’s war in Ukraine and strong consumer demand continued to keep consumer prices near 40-year highs.
Russia is One of the largest exporters in the world In all three categories of fertilizers, there is growing concern that prices will continue to rise as the war in Ukraine intensifies.
The Labor Department said Wednesday, consumer price indexA broad measure of prices for everyday items including gasoline, groceries and rent rose 8.3% year-on-year in April, down from an 8.5% year-on-year gain recorded in March. Prices rose 0.3% in the month since March.
Those figures were higher than the 8.1% headline and 0.2% monthly growth forecast by economists at Refinitiv.
Porter told McShane on Monday that he was tied to some contracts and could not raise the price to account for his increased cost. McShane reported that Porter was worried about the future.
McShane also reported that FOX Business spoke with farmers in different parts of the industry who noted that they were hit hard. wage inflation, Given that they have to pay more to attract and retain workers.
Brother who owns Donaldson Farms on the subject New Jersey Tell ex-Congressman and Fox News contributor Sean Duffy March Among other increased costs, increased labor costs in the region are impacting their business. The Donaldsons point out that starting wages at a nearby department store start at $24 an hour, making it difficult for them to keep workers unless they are paid a comparable level.
McShane reported Monday that due to inflationRepublicans are increasingly confident in states like North Carolina — although Tuesday’s primary may not be the final word on potential nominees, as the first-placed nominee must get more than 30 percent of the vote to avoid July 26 final election.
ex-president trump made a Bold endorsement Support for U.S. Rep. Ted Budd’s Senate seat in North Carolina was vacated by retired Republican Richard Burr.bard now in a favorable position Republican nomination.
Budd’s main rivals in the 11-way primary are former U.S. Rep. Mark Walker, who is actively seeking Trump’s support, and former Gov. Pat McCrory, who is considered a moderate campaigner.
On the Democratic side, former North Carolina Supreme Court Chief Justice Cheri Beasley appears to have cleared her 11-person field of serious rivals, and if she wins in November, she will become the state’s No. A black senator.
In Congress, Rep. Madison Cawthorn of North Carolina is trying to survive the Republican primary Turbulent first semester in office.
The Associated Press contributed to this report.