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FED AND FOOD PRICES

Today’s Wall Street Journal reports the Federal Reserve is overlooking food prices in its inflation outlook for now.  The consumer price of ground beef in May rose 10.4% from a year earlier while pork chop prices climbed 12.7%. The price of fresh fruit rose 7.3% and oranges 17.1%. But prices for cereals and bakery products were up just 0.1% and vegetable prices inched up only 0.5%.

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