President Joe Biden vowed to help American farmers try to ease food prices as he visited a family farm Wednesday and unrolled policies meant to increase harvests in ways that the administration believes could reduce grocery bills.
His administration announced three policy shifts to help U.S. farmers amid the global challenges. These include doubling funding for domestic fertilizer production to $500 million, greater access to farm management tools for plant and soil needs, and efforts to increase the number of counties eligible for “double cropping” insurance so that farmers can reuse their land for planting in the same year.
The war in Ukraine has disrupted the supply of that country's wheat to global markets, while also triggering higher costs for oil, natural gas and fertilizer. The U.N. Food and Agriculture Organization said its food price index in April jumped nearly 30% from a year ago, though the index did decline slightly on a monthly basis. Americans are also bearing some pain as food prices are up 9.4% from a year ago, the largest increase in 41 years.
First, his slumping approval rating has been dogged by high inflation and his visit coincided with the release of the April consumer price index. Consumer prices rose 8.3% from a year ago, a slight decline from the 8.5% annual increase in March. The drop-off reflected in part a cooling in gasoline prices last month after the jump caused by the start of the war in Ukraine. Still, volatility remains with energy costs as gas prices have climbed in May to an average of $4.
He does know that raw material costs for growing food have gone up by 300% right?
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