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Consumer Price Indexes for Animal Products Higher in 2021
The U.S. Department of Labor’s Bureau of Labor Statistics released consumer price indexes (CPIs) for 2021 on January 12, 2022. The chart below compares the 2021 and 2022 CPIs for all products and for food, beef, pork, poultry, eggs, and dairy products. The CPI for all items, a measure of inflation, increased 4.7 percent from 2020 to 2021. The CPI for food increased at less than the overall inflation rate, 3.9 percent. The inflation rates for beef and veal, pork, and poultry all exceeded the general inflation rate. The CPIs for eggs and dairy both increased less than the general inflation rate.
Poultry/Eggs: Based on recent data, broiler production was adjusted up in the fourth quarter of 2021 and the first quarter of 2022. Ending stocks for 2021 were adjusted down. After a major revision in 2021 data, broiler exports in 2021 are projected to be about even with 2020, and 2022 exports were adjusted down to 7.45 billion pounds. Based on recent strong price data, the broiler price forecast was adjusted up to average 112 cents per pound in 2022. Fourth-quarter 2021 table egg production was revised down due to recent production data. Fourth-quarter 2021 table egg production was revised down due to recent production data. First-half 2022 forecasts for wholesale egg prices were revised up based on higher-than-expected fourth-quarter 2021 average prices. Egg and egg products export forecasts for fourth-quarter 2021 and the first half of 2022 were revised down based on lower-than-expected October and November shipments. Turkey production was left unchanged in 2021 and 2022, while ending stocks for 2021 were adjusted down to 190 million pounds. Turkey exports were also adjusted down on recent data to 550 million pounds in 2021. Turkey prices were adjusted up on strong data and are forecast to average 125.5 cents per pound in 2022.