The financial press has reported that Chair of the Federal Reserve, Jerome Powell, has used the term, transitory, to describe how long inflation might last. It appears that based on his testimony in front of a Congressional committee on Nov. 30, his thinking regarding the question of how long inflation might last has changed—from transitory to longer-lasting.
Today's Consumer Price Index shows a monthly rise of 0.8 percent in April and 4.2 percent year over year. Food rose 0.4 percent in April, but fruits and vegetables were up 0.8 percent, led by fresh fruits' increase of 1.5 percent in the month.
Over the past year, the ongoing COVID-19 crisis has served as a reminder of the critical role that the United States food and agriculture industries still play in a resilient food supply chain, fueling our nation and ensuring that Americans are supplied with an abundance of safe food during this time of need.